[PSUscaper]

Get your workmens comp estimate first to see where you will be at. It may surprise you. It is based on the estimated payroll you will have, and then is a calculated off of that. For me in NJ it comes out to around 10.87 per 100 in payroll. It adds up quickly when you start paying overtime, which is why you may start considering hiring more employees and working less hours rather than having less employess making more money and hitting you up with hire workers comp. bill at the end of the year.

Because you are a younger company, you may not qualify for many programs so you get thrown into a state pool for workmans comp. It lasts for about 3 years or untill someone thinks you have a safe record to pick you up. You will need to estimate what your employees payroll is before you hire them. If it is say, 24k, you start off with 24k in workmens comp, and usually have to send in a deposit for close to 40-50% of the premium right off the start. At the end of the year, they will do an audit, and if you go over, you pay more. If you go under, they will refund you.

After a safe record for a few years, you may qualify for a discounted program, but, if you get a claim against you, you get it socked back to you.

Also, look into a payroll service. For the headaches associated with payroll, you may just want to have someone else deal with it. It is not that much and can save a lot of headaches. All you do is call them with your hours and they do the rest. You can do bi-weekly which saves you money as you only have to have them pre-pared twice a month rather than 4 times, saving you money.