Southern Minnesota Beet Sugar CooperativeFarmers Insurance Pool
3357 39th St SW Suite 1; Fargo, ND 58104
888-217-5100 or 701-271-9183
www.farmersinsurancepool.com
2008 Workers’ Compensation Insurance Rates
The following rates are being provided to assist you in deciding if you wish to carry Workers’ Compensation Insurance through the Farmers Insurance Pool.
In Minnesota, workers’ compensation insurance is compulsory when your agriculture payroll exceeds $42,016 annually, but optional when under $8,000 in payroll. Purchasing a farm liability policy of $300,000 AND medical pay of $5,000 (both must be on the farm liability policy) precludes buying workers’ compensation insurance in Minnesota for payrolls between $8,000 to $42,016. Please check with your agent if you wish to be covered under your farm liability policy.
The Pool’s Policy Year runs from December 31 to December 31. The Pool does have a minimum premium charge. For example; the 0006 and 0008 classification codes minimum premium would be $558 and $458 respectively, with a higher premium charge prevailing when payroll is reported under both classifications.
If approved as a member of the Farmers Insurance Pool, the following premium rates and additional fees will apply.
2008 Policy Year
(Rates per $100 of Payroll)
The Special Compensation Fund Assessment is itemized separately from the rate. Please call for an exact quote!
| Classification | Code | Pool Rates* |
|---|---|---|
| General Farm Labor | 0006 | $6.27 |
| Hand Cultivation | 0008 | $4.70 |
| Machine Shop | 3632 | $3.77 |
| Clerical Office Employees | 8810 | $0.23 |
| Please Contact the Pool Office for Quotes on Other Classifications Applicable to Your Operation *Rates subject to change without notice |
- All policies include Employers' Liability Insurance coverage with $1,000,000 limits.
- Your policy will also include a standard fee for the Expense Constant and Terrorism Risk Insurance Act; and, if eligible for an Experience Modification (E-mod), a surcharge or credit will be applied to the policy as determined by the State Bureau of Workers' Compensation for each policyholder.
- Please call Brenda or Janell for further information regarding the Pool's workers' compensation insurance program.
For more information, please visit www.farmersinsurancepool.com.