Professional Liability Insurance Quote
How much does worker’s comp cost for an athletic company?
For example, how much per employee would it cost to insure, say, a professional wrestling promotion. The coverages I want are general liability (lawsuit insurance), worker’s comp (on-the-job-injury), and group health (health insurance that is provided by your employer). I tried going online to get quotes, but my company is not yet ready (I’ve only got the vision in my head), and no one will give me a quote off such abstract details.
Remember, I’m looking for a PER EMPLOYEE quote.
The wrestlers are independent contractors, yes, but I do have to include them in the worker’s comp insurance. As long as I have ten or more employees (including myself) at any given point in time, for that point in time, I MUST have worker’s comp insurance, even if they’re paid under-the-table.
Depending on your state, you could call their version of a state fund. Your premiums are based on a class code of the business you are in and the amount of payroll you have. If your class code has a history of high dollar losses it will be higher. For instance, most clerical employees generally do not have a lot of injuries and if they do, the injuries are usually not serious. However, heavy construction workers have more injuries and can have very serious injuries so their class code rates would be higher. You do need a more specific job description of what your companies will be doing. If it is strictly promotions, the premiums for work comp should not be too bad. If your employees are going to be doing physical labor, then the rates could go higher. If your wrestlers are independent contractors you do not have to include them on your policy, you will, however have to provide them with 1099′s every year for tax reporting.
You could also see if there are any professional employer organizations in your state, you sign on with them and they “take on” your employees providing you with all the insurances you need for a fee.
Good luck to you and I hope your company meets with success.
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8 Tips on Protecting Assets With Business Liability Insurance
A business however big or small means responsibilities of many kinds. And one of the things every business needs is liability insurance.
When running a business as a partnership or sole proprietorship it means that your business and personal liabilities are at risk. To protect yourself and the family from financial disasters it is essential to insure yourself with a business liability policy.
There are three kinds of liability insurance:
* General Liability Insurance: This covers legal suits related to the business premises, business products, or services.
* Professional Liability Insurance: Covers companies that are professional like lawyers, doctors, advertising or creative companies and so on.
* Automotive Liability Insurance: This covers those who drive company owned vehicles. The policy covers damage to vehicle in an accident, injuries to the company employee and to those injured in case of accident.
* Employers’ Liability Insurance: This covers aspects like wage discrepancy, hours of work and on site work related accidents.
When buying liability insurance you need to make educated choices so that you get a good deal at the most affordable cost:
1. First familiarize yourself with all aspects of liability insurance by surfing online. Make notes of valid tips and guidelines and any points that are applicable to you. Understand the fine points of liability insurance.
2. Decide on whether you will find a policy yourself or use an agent. Choose an agent who will study your specific needs and then make recommendations. Most agents help their clients get great rates too.
3. Check with your existing insurance provider whether they have liability insurance. If yes find out what the advantages of buying a liability policy from the same provider is.
4. Memberships at a Chamber of Commerce, trade or business association often means that you will get group rates on liability insurance policies.
5. Liability insurance coverage varies from insurer to insurer so make a list of what you need and compare coverage. Keep in mind aspects like legal fees too.
6. Look for liability insurance online and offline. Very often the online offers could mean great savings. Online insurance directories and sites also have comparison tools that help you compare policies and quotes from different insures.
7. Think about buying an Business Owners Policy (BOP),that will cover many things. However you will need an insurance specialist to ensure your needs are met with additional riders on the policy.
8. Keep abreast with changes in state laws and insurance news. This will help you greatly when you need to make a claim or renew the policy.
Always buy a business liability insurance policy from a reputed insurer. Always make the effort to do a background check of the insurer and ensure that they have no complaints pending at the better business bureau. Choose an insurance provider that follows fair business practices.