Home Improvement Contractor - Licensed Contractors
Workman's comp and liability insurance for a contractor?
If you were to start up a small construction business I know you would need workman's comp and liability insurance for say 3 employees, but where would you get this insurance and how much (round about) would it cost? Do they ask for a down payment and then you make monthly payments?
Public Comments
- You would purchase them from an insurance company. The cost would depend on your location, type of business, etc. etc. As with any policy, you make a down payment and then monthly payments.
- Your workman's comp will require a down payment and monthly payments. The amount will be based on the type of work you do and your estimated payroll. You will receive a workman's comp audit in the future, and annually thereafter. They will look at your payroll and adjust your fee from there. If your payroll is less than was estimated, you will receive a refund for the difference. We have general liablilty 1 mill, umbrella 1 mill, workman's comp and auto 1 mill and something else (can't remember what its called) for 2 mill. Our down payment runs around 9-10 thousand and monthly installments of almost 1000.
