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  #31  
Old 06-17-2014, 04:26 PM
Lawnut101 Lawnut101 is offline
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Back on the original topic of insurance and workers' comp, what are the typical rates you have to pay?

Right now we are getting slammed by our insurance; we are with Acuity and they are charging us (last I saw the rate sheet) 9% of gross payroll for workers' comp and general liability EACH. The last time we turned in a claim was several months ago for a $50 windshield chip and we have only had 1 actual replacement claim (granted, it was about $20,000) in our entire five years with them.

The main problem is that because we had an audit adjustment in the winter, our payment cycle has been accelerated to 21 days instead of 30, so every other month we have to make two payments. That kinda bites, and we are thinking of switching carriers. What insurance rates do you guys have?
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  #32  
Old 06-18-2014, 11:12 AM
Plowguy43 Plowguy43 is offline
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Join Date: Jun 2014
Location: Otisfield, Maine
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Quote:
Originally Posted by Lawnut101 View Post
Back on the original topic of insurance and workers' comp, what are the typical rates you have to pay?

Right now we are getting slammed by our insurance; we are with Acuity and they are charging us (last I saw the rate sheet) 9% of gross payroll for workers' comp and general liability EACH. The last time we turned in a claim was several months ago for a $50 windshield chip and we have only had 1 actual replacement claim (granted, it was about $20,000) in our entire five years with them.

The main problem is that because we had an audit adjustment in the winter, our payment cycle has been accelerated to 21 days instead of 30, so every other month we have to make two payments. That kinda bites, and we are thinking of switching carriers. What insurance rates do you guys have?
How long have you been with the same carrier? Take a look at your policy, a yearly premium increase may be included - thus if you haven't shopped for new policy in a few years you could be leaving a good amount of money on the table. Regardless, its always good to shop and see what is out there every few years as circumstances change as does the insurance market itself (just like mortgage rates, etc).

Also, some states do allow competition in regards to workers comp providers so this may be something worth speaking to your insurance agent about as well.
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  #33  
Old 06-19-2014, 09:28 PM
TMlawncare TMlawncare is offline
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Join Date: Feb 2002
Location: nw missouri
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Originally Posted by GrassTec View Post
Who do you use for a payroll company? The insurance companies I've called into the workers comp is just a premium I pay and I pay my works like I have but then if I pay them for or less it gets adjusted at the end of the year. I have never used a payroll company for paying them. They would only be part time guys which I pay $12 an hour. So I would say no more then $600 a week between the 2 guys, so they figured up roughly $18,000 a year for employees. Which came to about $1200 in workers comp. doesn't seem outrages to me. The account is mainly a mowing account but with maintenance also which is around $45,000 plus my other business I've had over the years. I think this is the next step for the company to be able to attract more commercial side of the business.
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Don't forget they will require workmans comp on your salary as well. I know, you don't get a salary. Don't worry they have a little formula for that. They will just figure your salary at $36000. I think that is the magic number. Correct me if I am wrong.
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  #34  
Old 06-19-2014, 10:11 PM
SP Landscaping SP Landscaping is offline
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Join Date: Aug 2011
Location: Cold Spring Ny
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Quote:
Originally Posted by TMlawncare View Post
Don't forget they will require workmans comp on your salary as well. I know, you don't get a salary. Don't worry they have a little formula for that. They will just figure your salary at $36000. I think that is the magic number. Correct me if I am wrong.
Right and wrong. Your general lialibilty is based off annual income, wc is a percent of salary. In New York you can exempt yourself if your the owner, I am and I exempted myself. I have it in my 4 employes cost me about $11 on every $100 payed. I think it's high but people have told me its pretty good.
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