Ghost Policy Quotes
All individuals, corporations, and LLC contractors with less than $5k payroll and less than $50k of subcontractor cost can see what the minimum premiums are for your business. It includes options for Ghost Policies (owner excluded from workers comp and $0 employee payroll). If you don’t find your specific class code, choose what you think fits best and submit it to us so we can review and correct it for you. Most of the rates are relatively similar with some obvious exceptions (ie. roofing). All quotes have to be reviewed by an agent before binding- but if you have little to no payroll or sub cost, these rates will be accurate for you.
For business that are not in the contractor or service trades, go back and use the Workers Comp Only – All Classes for the appropriate state to see your rates. Minimum premiums for “non-contractor” classes are often much lower.
What is a ghost policy? Ghost policies are becoming more common in all business trades, but are most often used by General Contractors and Trade Contractors to transfer workers comp liability down to the individual or subcontractor. It is not a separate policy type and there is nothing on the policy itself that says “Ghost Policy”. It’s simply a term that many people use to describe a minimum premium workers comp policy because it excludes the owner and there are no employees to cover. It’s a policy with nothing to cover- hence the term “Ghost” policy. What it does do in most cases is sufficiently transfer the workers comp risk from the General Contractor to the subcontractor- or from one sub to another sub. That’s why your customer/contractor may be requiring you to have it, even though the law may not require it.