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Companies who employ one or more employees, full-time or part-time, permanent or temporary, are required to provide Workers' Compensation Coverage for their employees.
Sole-Proprietors, Partners, Corporate Officers and LLC Members are excluded from coverage, but can elect to be covered.
Excluded employment includes voluntary or unpaid workers for a religious, charitable, educational or nonprofit organization.
Exclusions apply for certain twenty-five percent stockholders; all fifty percent stockholders; and real estate salespersons and brokers paid solely on commission.
Sole-Proprietors and Partners who include themselves on workers compensation coverage must use a payroll amount of $45,900 for rating their overall workers' compensation cost.
Officers and LLC Members who are included in coverage must utilize a minimum payroll of $900 per week ($46,800 Annual) and a maximum of $3,500 per week ($182,000 Annual).
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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 Hawaii 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 Hawaii 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.
At Workers Compensation Shop.com we know that employers want insurance quotes fast and easy. We've taken the guesswork out of our quoting process by developing predesignated programs for various industries. This allows us to quote you the best rates quick and easy.
HI Workers' Comp Specialists
Rates on Workers' Compensation Insurance are exactly the national average in Hawaii. Still many employers pay more than they have to for workers comp coverage. Let us help you take advantage of all the cost saving programs your business qualifies for.
Help with HI Class Codes
Insurance rates vary significantly between NCCI classification codes. Let our HI Workers Compensation Specialists help you determine your correct workers compensation class codes before you 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 Hawaii. 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.
THE RIGHT QUOTE MAKES A DIFFERENCE.
Get more information about workers' compensation in Hawaii:
Workers Compensation Info
Workers Comp Programs
National Broker Services