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Companies with one or more full or part-time employees are required to buy workers' compensation insurance in Arizona.
Sole-Proprietors and Partners are automatically excluded from coverage. They can elect to be covered on the workers' compensation application- Acord 130 Form.
Corporate Officers are categorized as either working shareholders or non-working shareholders, as well as whether or not they are executive officers. Working shareholders who are not executive officers and who own 50% or more of the business stock are automatically excluded from coverage. They may elect to be included on the Acord 130 Form. If an shareholder owns less than 50% of the business, and they are not an executive officer, they are treated as employees. They can't be excluded on the policy and wage limits do not apply. Shareholders who are also executive officers are subject to payroll limitations. The may elect to reject coevrage by endorsement.
LLC Members are treated the same as shareholders except the term membership interest applies instead of shareholder.
The Arizona State Insurance Fund is managed by NCCI.
Sole-Proprietors and Partners who include themselves on workers compensation coverage must use a payroll amount of $31,200 for rating their overall workers' compensation cost.
Corporate Officers who are not excluded from coverage must utilize a minimum payroll of $57,200 and a maximum of $228,800 in order to calculate the cost of workers comp insurance.
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Workers' compensation is a commercial insurance product categorized as Property & Casualty insurance (P&C Insurance). Even though workers comp is calculated using estimated payroll wages and class codes, premium is still a separate business expense from the cost of payroll. Business owners may treat the cost of coverage as an expense on their taxes.
Work comp rates for all job classification codes are always expressed as a percentage of $100 in wages. An annual policy is always subject to an audit because it was based on estimated wages and not actual wages.
Here is an example using two class codes with different estimated payroll for each class code:
In order to calculate the cost of the policy you only need to multiply each rate with its divided payroll. It benefits employers to re-calculate their premium as their payroll becomes larger than originally anticipated.
Every state has their own rules for how employees must be covered and how they must be classified for rating premium. A lot of states use state specific class codes and have different requirements for who is obligated to carry workers' compensation insurance coverage.
If you have employees that travel out of state for work, or they work in multiple states throughout the year, you may need to purchase insurance for all the states where your workers are located and working. In most cases, you can add multiple states to one policy.
Workers' Compensation Insurance in Arizona can be purchased from private insurance companies authorized by the state to provide coverage. The Assigned Risk Pool, or State Insurance Fund, is available for employers who are unable to find coverage from a private company. WorkersCompensationShop.com can help you navigate your best options.
Policy premium is based on numerous factors including: class codes assigned to your business and employees, estimated payroll, covered states, prior policies, owner experience and previous insurance claims.
We've developed Pay As You Go workers compensation programs that reduce or eliminate premium deposits and allow Arizona employers to report and pay premium based on actual payroll wages. Protect your business from audits.
We've negotiated special deals with many of our insurance partners. We offer more flexible payment options, like 12 equal installments plans and monthly reporting programs, to help improve cash flow for our business owners.
Give us 10-15 minutes and we'll get to work finding your very best deal on workers compensation coverage. We work with some of the lowest priced workers compensation insurance carriers doing business in Arizona.
AZ Workers' Comp Specialists
We've been specializing in workers comp insurance coverage since 2005. Our licensed insurance agents are employed by our national insurance agency and undergo continuous training on state insurance rules, our insurance carriers, and programs we've created to save employers money.
Help with AZ Class Codes
Insurance rates vary significantly between NCCI classification codes. Let our AZ Workers Compensation Specialists help you determine your correct workers compensation class codes before your buy a policy. We'll help make sure your business is properly covered.
Fast Workers' Comp Quotes
We make the process of getting workers compensation quotes fast and easy. We know your time is valuable. That's why we work harder to streamline the quote process, compare your rates and coverages, and present your best options as quickly as possible. We often have your insurance quotes ready in less than 24 hours.
Compare Rates With More Carriers
We're a National Agency, and we have tons of carriers offering work comp in Arizona. We have access to over 35 insurance companies with a diverse appetite and competitive rates. Our markets know we expect the lowest rates, bigger discounts, and more policy credits when we request a quote.
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