Workers Compensation coverage provides employers and employees with medical care, death benefits, and lost wages for work related injuries and illnesses normally to the first dollar.
In North Carolina, the requirement for Workers Compensation Coverage begins with (3) employees regardless of Full or Part-time Status.
So How Much Is It?
The cost for Workers Compensation varies greatly! It is based upon how much you pay your employees on a per $100 basis. So, in other words, if you have a clerical office you can expect to pay .38 to .42 cents per $100 of payroll. Or another easy way to figure the cost is to take your total yearly payroll and divide it by $100. Then multiply the answer by the given Workers Compensation rate.
There are certain exceptions to this rule: Sole Proprietor, Corporate Officers, Members of a Limited Liability Company.
Owners and Officers of companies can exclude themselves and thereby in some cases, save a good deal of money.