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Painting Biz Owners: Discover key factors that influence workers comp costs in different states.

Name: Painting Biz Owners: Discover key factors that influence workers comp costs in different states.
Uploaded: 2025-01-06T14:15:00+00:00
Duration: 53 s
Channel: Daniel Honan
Description: This content was created by balanced-griffin. This content was uploaded by balanced-griffin. This is an excerpt from a YouTube video titled "Painting Biz…

6 Jan 2025 · 1 min

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This content was created by balanced-griffin. This content was uploaded by balanced-griffin. This is an excerpt from a YouTube video titled "Painting Biz Owners: Discover key factors that influence workers comp costs in different states." (created 2025-01-06). It presents a short Q&A between a new painting business owner (Speaker A) asking about workers' compensation costs and an expert/advisor (Speaker B) explaining that workers' comp is a state-run program, varies by state and insurer, and that four states have monopolistic state funds. Speaker B gives example base premium ranges—roughly a little over $2 per $100 of payroll in North Dakota up to close to $15 in New York—with a typical average of about $5–$6 per $100 of payroll for painters.

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a new painting business owner, what kind of cost am I looking at for workers' compensation?
That's going to vary significantly. Workers' comp is a state-run program. In most states, you're going to have a choice of multiple insurers that you can get insurance from. There are 4 states that are considered monopolistic states because they don't allow anyone else to sell workers' compensation insurance. Their insurance all comes from a state-run fund, but everyone else can get coverage on the open market. It varies pretty widely. Every state has their own rates. Every insurance carrier can file for variances to those rates. Base level premium varies anywhere from like a little over $2 in North Dakota to close to $15 in New York. $5 to $6 is probably a good average range, and that $5 to $6 is per $100 of payroll. So for every $100 of payroll that you have for your painters, you're gonna pay around $5 to $6 on average for your workers' comp coverage.