Do you have employees?
When I got my business insurance a few years ago I had to get workers comp which was really odd because as the owner and the only employee if I got hurt on the job it would be really hard to sue the guy in charge.....since he is me. My agent I believe got mine through Cincinnati Insurance, I think. Yes, it is very high, just on my only employee, me...,
I paid almost a grand a year. Last year however I went online to the state website and I paid $100 and filled out a simple form to be considered exempt. This year when I came back to the business owner world and had to get insurance again I talked with my agent more and asked if there was someway to drop the workers comp and showed my exempt paperwork. She said yes and my yearly rate is finally under the $3000 mark for the first time in, well, since I started the business.
Of course if I hire an employee then I will have to get workers comp. If you have an employee then it is based off of hours worked by the employee I believe, including yourself. Then you have the awesome joy of audits each year. I think the first year is an estimate on hours worked. The next year with your audit it could go up or down depending on actual hours worked. I had two guys work for me for a month and a half, well one for a month and a half, other guy for two weeks. Taxes I had to pay on workers comp and other was $1100 or better. This is the reason I don't have employees anymore and really don't want them. It seems it was really high for years until you established yourself, kind of like your business insurance. No accidents, injuries, blowing things up and you get a better rate, a grace period I suppose. I know my agent didn't have any problems finding it for me but she always looks hard to find the best rate.
You want a high rate, tell them you weld on towers up to 1000 feet tall and see what they say. Lucky for me I avoided it by being exempt this year!! LoL! Get with an independent agent and start having them search around and price check. If it is required on you and employees and you cannot exempt yourself then that is why it is high, they know they got you bent over the barrel. If you want I can give my agent a call tomorrow and see if she can give me some names of companies? Let me know in a pm here or give me a call, my number is in my profile and I'm just sitting around tomorrow adding up receipts for taxes and will use any excuse to get away from that!!
Shawn
I have a friend that has several employees and I swear he said he paid $90,000 for it, I'm pretty sure that's what he said, I about shat myself.