Help On Assignment: Small Business Insurance For Workers?
so im working on a business project for my class and i am stumped on one part of my project. its part of a human resource part where i am to figure out wages and such. and a requirement is insurance that my company provides for my employees. im just wondering what type of insurance would a small company provide for its employees as well as costs. this company is only going to be run by 5 or 6 people but it is still a requirement for my project.
For your project you could say that the business will provide Life Insurance for every employee. The cost of 10 year term insurance is 10ยข per $1,000 of insurance. Offer each of your employees $100,000 of insurance so their family would get money upon their death..
Most that size only provide workers compensation, not health insurance or dental.
Workers comp is based on salary, and what exactly they are doing. So there’s not enough info here to even give you a ballpark quote. You’d have to repost with, “one secretary making $15,000 a year, one sales guy making $50,000 who visits clients, one roofer making $30,000 a year, who does shingle roofing on no more than two story homes”, that level of detail.
Workers Compensation in Australia. Depending of the business, there is a formula to calculate this from wages and other payments to workers.
For a small business around 1% of wages + super + long service leave paid, etc
Hope this helps