Workers' Compensation

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I am hoping someone can help me with updating the workers' compensation (5-3-2) as this is something I have not done before.  I am trying to figure out where the "liability" column numbers come from.  I have chatted with Sage and they tell me I need to ask my insurance agent.  I did and neither of us can figure where to get the numbers or calculations.  The person before me has the column completed with outdated figures and I need to update with the current insurance policy.  Can someone please give me an idea on how I arrive at those numbers that go in that column?  I appreciate any help I can get.  Thank you.

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  • 0

    Hi Tracy. The rates for workers compensation liability insurance would come from your insurance provider - Sage does not have these rates and cannot provide them as they are related directly to your company. If the person you talked to at your insurance company does not know those rates, then either your company does not currently carry liability insurance (some states require this, but most do not), or you may need to speak to someone else at the insurance company who can help you. 

  • 0 in reply to ghollister

    I appreciate your quick response.  We do have liability insurance.  The problem is we do not know who to get to that magic number that goes into the liability column.  What is the calculation to get that liability number.  What number do you take from the liability insurance?  Then how do you arrive at the final number.  We have categories such as painting, masonry and carpentry in Iowa, Illinois and Wisconsin.  They all have their own numbers.

  • 0 in reply to Tracey Winsett

    Unfortunately, there is no calculation or method that we have to come up with that rate. It's simply a % (i.e 4.525) that is entered into that column for any particular comp code. We have no way to determine how the previous user came up with those numbers. You would need to do your best to match up those category rates with the appropriate comp code.

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  • 0 in reply to Tracey Winsett

    Unfortunately, there is no calculation or method that we have to come up with that rate. It's simply a % (i.e 4.525) that is entered into that column for any particular comp code. We have no way to determine how the previous user came up with those numbers. You would need to do your best to match up those category rates with the appropriate comp code.

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