T or F? WA state make construction owners insurance claim $17,800 income not concern what they in fact made.?

My insurance company just informed me we owe them money because wa state make insurance companies claim that each owner of any type of construction company automatically made $17,800 per year whether they made $1 or $100K!

That seem outrageous to me since we lost our a$$ only making $5K for the in one piece year!! Now they are saying we owe them money that I don't hold!

Anyone know of a way out of this/loophole or if specifically even really true? I am praying that someone made a mistake!

Thanks!

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Answers:   True, there is a "minimum rating salary" for owners. Because everyone know, the owner can receive their compensation as bonus, instead of salary, to avoid taxes and such.


This holds true surrounded by all states (although the dollar amount vary, by state, but not an awful lot), and can be applied to both general liability and workers compensation policies.

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It is true.

At lowest possible you're not in Georgia. We charge $24,400 for the owner of the business.

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