IS IT BETTER TO PURCHASE WORKMANS COMPENSATION INSURANCE PRIVATELY, OR USE STATE INSURANCE POOLS?
Libbing states that he will provide whatever kind of insurance a client wants, but notes that private workmen’s compensation policies are generally more expensive than contributing to the state pool. The states dictate what percentage of an employee’s wages must be allocated for compensation, with most falling between 4% and 11%, but often going higher. However, since camp counselors fall into higher risk categories and are usually seasonal workers, insuring them is a losing process for most carriers. As a result, private workmen’s compensation insurance is expensive, and most camps go into a state pool, which is highly regulated, and far less expensive than private coverage. 5. WHAT CAN BE DONE TO LOWER PREMIUM PAYMENTS? Bunchuk advises camp directors to look for the company that will give you the most at the least expense-comparison shopping is the key here, with the informed consumer benefiting the most. She also refers to her switch-over from relying on her camp to provide primary
Libbing states that he will provide whatever kind of insurance a client wants, but notes that private workmen’s compensation policies are generally more expensive than contributing to the state pool. The states dictate what percentage of an employee’s wages must be allocated for compensation, with most falling between 4% and 11%, but often going higher. However, since camp counselors fall into higher risk categories and are usually seasonal workers, insuring them is a losing process for most carriers. As a result, private workmen’s compensation insurance is expensive, and most camps go into a state pool, which is highly regulated, and far less expensive than private coverage. 5. WHAT CAN BE DONE TO LOWER PREMIUM PAYMENTS? Bunchuk advises camp directors to look for the company that will give you the most at the least expense-comparison shopping is the key here, with the informed consumer benefiting the most. She also refers to her switch-over from relying on her camp to provide primary
Related Questions
- Do they have a State HVAC license, business license, insurance and workmans compensation and how many years have they been in business?
- I am a contractor, how is the new Florida state laws going to affect me with my workmans compensation insurance?
- IS IT BETTER TO PURCHASE WORKMANS COMPENSATION INSURANCE PRIVATELY, OR USE STATE INSURANCE POOLS?
