The South Carolina Workers’ Compensation Commission assigns each kind of job a base rate for workers' compensation coverage. Insurance companies must use these base rates when calculating costs, but they are permitted to raise or lower their rates up to 25% through policy debits and credits. They may even offer additional discounts and incentives.
Let's look at the cost ranges for a few different kinds of jobs in South Carolina. These are the rates employers will pay for every $100 of employee payroll:
- Landscapers: $4.41 to $11.84
- Plumbers: $2.45 to $6.58
- Roofing contractors: $18.12 to $48.63
- Retail store workers: $1.20 to $3.22
- Clerical workers: $0.14 to $0.38
- Restaurant workers: $1.10 to $2.95
As you can see, workers’ comp rates are significantly higher for jobs with an increased risk of employee injuries (like roofers) than for low-risk occupations (like office workers). Companies with a good safety rating will pay rates at the lower end of the price range, while companies with a high rate of employee injuries will pay higher rates.
The quoted cost for your business will be based on:
- The number of employees you have
- How much your employees are paid
- The types of jobs they do
- Your company's history of accidents and workers’ compensation claims