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I have a small shop with two helpers and I'm looking for a affordable workers compensation. I wonder if someone have some suggestions. I'm in New York City. Until last year I use to have The Hartford insurance that was cost me $1600.00 year. Then because my business was low I worked by myself only. Now I'm getting more order and I'm thinking to hire one or two new helper
try New York State Insurance Fund
Get several quotes.
Be very careful on the pricing of state funds.
Federated maybe a good resource.
What is your Mod Rate ?
Don't forget to ask for a refund for the time you were working solo, but may have been paying premiums. The Insurance boys are quick to bitch if you are slow, but slow to respond when they owe you....
1600 seems really low for two guys. What was your total payroll for the two guys?
I pay roughly 8% of payroll for my one full time employee, comes out to roughly $2000 annually for a total payroll of about $24000.
There are different classifications for shop only, and install. If he never went on site it would be about 2.5% lower.
We do our payroll and wc through Gusto. We are billed for wc based on actual payroll each pay period instead of estimated annual payroll. This way theres no audit at the end of the year with a credit or payment due.
Square offers a similar service as well.
Our policy is through Erie Insurance. We use class code 323 for furniture manufacturing and the rate is 4.72%.