PDA

View Full Version : workers comp


Brianj
10-03-2006, 04:14 PM
how do i offically opt out of workers comp in the state of florida. also i have company that wants me to carry worker's comp, but it is just me, im solo, is there a place that i can get cheap worker;s comp.

VBsnow
10-03-2006, 04:28 PM
AS for "cheap", there is a minimum premium for your class. Any agent can tell you what that is for your state. Here in VA it is 750.00

If you choose to opt out and you are the only one on your policy you will pay this min. prem. If you have payroll you will pay for you coverage on a percent basis(per 100 of payroll). It is harder to obtain WC the smaller your company is. It is easier for a company with employee payroll to obtain WC than a company with none. Most companies do not want anyone who has no employees as they have had bad experiences with payroll being hidden. So you would have a better chance of getting a better rate with employees than without. Remember, you can only compare pricing for WC by comparing the rate per hundred. The bottom line price is meaningless if payroll is involved because your pricing increases and decreases with the amount of payroll. Any subs payed must have their own WC or they are considered an employee as well. Even if you pay for a subs WC via your own policy THE FOREMAN IS NOT COVERED usually.

In short, find a good company and try to stay out of your states assigned risk pool. Thereis no bigger better mousetrap as NCCI sets most states minimum premium amount. They are located in Orlando(NCCI).

VBsnow
10-03-2006, 04:31 PM
It would be better to keep all of your policies with the same agent. The commisions are low on the WC and it is easier to obtain "favors" for loyal clients.

Fantasy Lawns
10-03-2006, 07:04 PM
The best way to "officially" opt out of WC is to become an S Corp n file as officer exempt

VBsnow
10-04-2006, 09:51 AM
It does not matter what your status is as a company. Whether sole prop, corp, LLLC, Ect. If your state allows the owner/officer to be excluded, you generally have to sign a form that is filed with the state excluding you from coverage. Some types of owner/officers are automatically included or excluded. Due to the differences by state you need to check with an agent who knows their business. The info is also available from your state's work comp commision or through NCCI(Orlando).

No offense to the previous person who posted the "S" Corp advice, but this is typical of the misinformation I hear on a daily basis. Please consult a pro whether it be your taxes or insurance(preferably someone with some letters after their name). Word of mouth has it's place but it is rarely in advising on these subjects.

VBsnow
10-04-2006, 09:52 AM
It does not matter what your status is as a company. Whether sole prop, corp, LLC, Ect. If your state allows the owner/officer to be excluded, you generally have to sign a form that is filed with the state excluding you from coverage. Some types of owner/officers are automatically included or excluded. Due to the differences by state you need to check with an agent who knows their business. The info is also available from your state's work comp commission or through NCCI(Orlando).

No offense to the previous person who posted the "S" Corp advice, but this is typical of the misinformation I hear on a daily basis. Please consult a pro whether it be your taxes or insurance(preferably someone with some letters after their name). Word of mouth has it's place but it is rarely in advising on these subjects.

Fantasy Lawns
10-04-2006, 11:39 PM
N right you are VB ..... only proplem is in FL as a solo prop you can't be exempt ....

As I am a S corp .... in FL .... it only makes sense I would give this advice .... I never had any wish to become a LLC ssoo I have no advice in this aspect ....

N yes seeking the advice of a CPA or Legal advice is only the next ...logical step

N that's the last of my "misinformation"

VBsnow
10-05-2006, 11:19 AM
Hey Fantasy Lawns,

Yeah, wwe are Fl agents but rarely write there. FL and NY are their own worlds as far as insurance go. We have a lot of tree and debris companies head your way after storms and all of the contactors they sub from require that everyone be included. If you figure the rating basis of a corporate officer is 26,000 divided by 100=260. Then multiply the rate which in VA runs between $15 and $20 for the tree trimming class, you now have a company that just had to tack on an additional $3900-$5200 to overhead.

Please, LCO's don't freak on that number. These are not lawn and landscaping rates but those who take down trees. Breathe...

Fantasy Lawns
10-05-2006, 03:23 PM
Oh I hear ya ..... We only cut turf ....do shrub trimming n do small landscape installs ..... mostly flower beds, mulch jobs n small shrubs n such ....no big stuff ....no heavy equip

Even with that said ....we are still classified "construction" thus fore me to file "exemption" I have to send in a notarize paper n a $50 check ..... every 2 years I have to "re-file"

I gave up trying to get answers to why I have to send in $50 every 2 years .... I just send it in n go about my day

VBsnow
10-05-2006, 05:12 PM
I have never heard that from other states. So let me get this straight...in FL there are no property taxes, no one can take your house, but you have to pay a fee to dictate your own insurance coverage? I used to live in Miami and it is a very unique state.