Why? is works comp is expensive?
we have a corporated company as home renovation contractor
some how my works comp insurance going up evrytime
Answers:
Your worker's comp is expensive because of the work you do. There is a much higher probability of one of your workers mortal injured on the job than utter someone who works in an organization.
Also, worker's comp policies are subject to annual audits and the premiums are based on the type of work you do and the amount of your payroll. More payroll contained by any given year will increase your premium.
What if one of your guys shoots a nail through their foot and get an infection from it or if they accidentally put their hand contained by the chop saw. Instead of you paying for that, you have worker's comp. That's why it's expensive.
My dad is within HR for a commercial construction company. Had a guy fall down an elevator shaft and impail himself on four pieces of rebar. He survived thank integrity, but he's wheelchair bound. How much do you think that costs?
Because ancestors that try to get on worker's comp, and live on it for the rest of their lives. I own seen claim files that date rear for decades.
Have you had any claims? Call your agent and ask why.
because here is a base rate for the type of work you do multiplied by the amount of money you reward in payroll, since contracting is more hazardous than influence being an attorney for injuries, you would foot more in premium. If you enjoy a loss, say rear injury, or some type of injury that requires extreme medical care, the insurance company could possibly clear out to the policy limit of $500,000. You are not paying that much within premium, so it is a gamble that the insurance company take insuring you and your employees, and it is more than promising you will have claims against the policy that far out weigh your annual premium.