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Fireman Gus
03-07-2012, 03:05 PM
Let's discuss workman's comp. Do you carry it, where is your policy through, cost, and have you had to use it? Since we plan to expand somemore and will be hiring at least one person we have been inquiring about workman's comp. We have checked several places and the cost is more than we thought. We did come across a policy from the state of Oklahoma that is only $6 per hundred dollars of wages. If you don't have workman's comp. how do you get around it?:confused:

willshome
03-07-2012, 10:24 PM
I don't have anyone working yet but, I love talking to my insurance about everything and she told me workman comp is 9% of pay.

"If you don't have workman's comp. how do you get around it?"
PRAY TO GOD nothing happens. The minute a worker gets a paper cut they are sueing you and your customer. We are not sitting in an office, we are working with power tools and bad this happen.

Steve
03-08-2012, 02:39 PM
Now it seems different states have different requirements when it comes to workman's comp?

Also, you don't need it with only you working in your business.

bruces
03-08-2012, 10:50 PM
you might be able to hire someone as a subcontractor ,not sure if that works for you but I have been a sub and in my case that worked perfectly .

Steve
03-09-2012, 02:23 PM
You have to be careful with the subcontractor route. If you go this way, you need to make sure they are indeed subcontractors (the irs has a website on this.)

If you claim they are subcontractors and later they come back and say they weren't and turn you into the irs for failing to pay the proper taxes on them, there could be trouble.

This has happened. Do a search on here for subcontractor and irs and you will see some stories you don't want to be involved with.

jymie
03-09-2012, 02:28 PM
Also, if you do hire a subcontractor, you must get a copy of the insurance that they have to cover themselves. I was told that by an agent not long ago.