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In Wisconsin, businesses must carry workers comp coverage if they regularly employ more than 3 full or part time employees.
Sole Proprietors, Partners and LLC Members are excluded from coverage but may elect to be included.
Corporate Officers are included in coverage but may elect to be exempt under certain circumstances.
If a closely held company has no more than 2 corporate officers and has no other employees, then a workers' compensation policy is not required. A closely held corporation is one that has less than 10 stockholders.
If a sole proprietor or partner are included in a workers' compensation policy, then they must use a payroll of $51,688 for premium calculations (Accurate as of 3/1/2019, last updated by the state on 10/1/2018).
If a Corporate Officer or a LLC Member is included in coverage, then payroll must be a minimum of $298 per week ($15,496 Annual) and a maximum of $1491 per week ($77,532 Annual) (Accurate as of 3/1/2019, last updated by the state on 10/1/2018) .
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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 Wisconsin 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 Wisconsin 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.
Wisconsin aggressively monitors compliance with state workers comp laws. Penalties for employers who fail to purchase coverage include penalties up to twice the premium, business closure and liability for claims and injuries.
WI Workers' Comp Specialists
Rates for Workers' Compensation Insurance in Wisconsin are about average for the entire United States. This makes competition very fierce among carriers. Many agencies carry policies from only a few carriers, but at Workers Compensation Shop.com we shop more than 35 carriers. This allows our agents to get a business the absolute best value in the industry.
Help with WI Class Codes
Insurance rates vary significantly between NCCI classification codes. Let our WI 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 and we will help find all additional policy credits and premium discounts available for your business.
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 Wisconsin. 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 Wisconsin:
Workers Compensation Info
Workers Comp Programs
National Broker Services