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The Workers Compensation Rating and Inspection Bureau of Massachusetts (WCRIBMA) has announced the payroll determination for sole proprietors, partners of legal partnerships, and members of an LLC effective October 1, 2015.  

The salary basis of premium for sole proprietors, partners of a legal partnership, and members of an LLC who elect to become employees and obtain workers' compensation insurance coverage is a function of the Statewide Average Weekly Wage (SAWW) and is calculated as follows:

Step 1: Initial Value = 70% x SAWW x 52 weeks.
Step 2: Basis of Premium equals the Initial Value rounded to the nearest $100.

Based on this formula, the SAWW in the Commonwealth of Massachusetts is
$1,256.47 effective October 1, 2015.,  Consequently, the basis of premium for sole proprietors, partners of a legal partnership, and members of an LLC who elect to become employees and obtain workers' compensation insurance coverage is $45,700.

This change only affects new and renewal workers compensation business effective on or after October 1, 2015. 

source: WCIRBMA



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The information provided in these articles are only general descriptions and should not be relied upon as complete, correct or accurate for your specific situation. All coverage informaiton is subject to policy provisions, endorsements and may be  subject to your meeting underwriting qualifications. Murphy Insurance Agency is not engaged in rendering legal, accounting or other noninsurance professional services. Consult an appropriate professional for advice regarding your own situation.