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  #1  
Old 05-21-2002, 02:44 AM
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Phishook Phishook is offline
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Join Date: Dec 2001
Posts: 1,143
Need Workman's comp.

OK I know I should have looked into this earlier, but i didn't.

I hate making you guys hear another scrub story, but I did it to myself. (That's the first step right; Admitting it!)

I had liability ins. for the past 4 yrs. Worked great for just me. Now I've got an employee working about 25-35 hrs. a week.

Any suggestions???

I'm going to contact my ins. agent first thing in the morning, just woundering if their's any thing I should keep in mind.
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  #2  
Old 05-21-2002, 07:30 AM
John Allin John Allin is offline
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Join Date: Sep 2000
Location: Erie, PA
Posts: 1,489
Talk with your agent. Tell him the truth, and go from there.
At least you recognize the problem, and are taking steps to correct it. Well done.
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  #3  
Old 05-21-2002, 05:26 PM
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Hawkeye5 Hawkeye5 is offline
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Join Date: May 2002
Location: Hendersonville, TN
Posts: 295
State laws differ on when you must have Worker's Compensation Insurance. The threshold normally is expressed as the number of employees, such as three or more (as an example). Your insurance agent can give you the straight poop for your individual state. JD
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  #4  
Old 05-21-2002, 05:53 PM
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Southern Lawns Southern Lawns is offline
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Join Date: Jul 2000
Location: Coastal North Carolina
Posts: 259
In most States like Hawk said you need to have at least 3 employees for it to be required BUT as it was explained to me one small accident and you could be working for your employee for the rest of your life. Simple choice for us! We pay out on the amount of payroll per year.
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Yes, I'm sure you could find someone to do it cheaper but will you be happy after you do?
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  #5  
Old 05-22-2002, 01:44 AM
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Phishook Phishook is offline
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Join Date: Dec 2001
Posts: 1,143
Sounds good.

My agent wasn't in today, but the receptionist said he'll call tomarrow.

If it's based on his salery, where do they get the proof of income?
His hours verry day to day and week to week.
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  #6  
Old 05-22-2002, 04:43 PM
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Hawkeye5 Hawkeye5 is offline
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Join Date: May 2002
Location: Hendersonville, TN
Posts: 295
The first year premium is based upon your estimate of payroll. After expiration the Insurance Company will send an auditor to look at your payroll records (this is likely for a new account no matter the size). In subsequent years they may send a Voluntary Audit form to be completed and returned by your CPA. They may or may not have a auditor come back at some point.
After the audit is complete, they will refund premium or invoice for additional premium depending upon how accurate your estimate was.
Make sure you know the rate per $100 of payroll so you can set aside $ to pay additional premiums if your payroll exceeds the estimate. Just one of the headaches that come with employees. Also another consideration to take into account as far as bidding jobs, adds to your overhead.
Southern Lawns is correct, you can be sued, but that's a whole different story outside the scope of your question. JD
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  #7  
Old 05-24-2002, 02:15 AM
Grasshog Grasshog is offline
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Join Date: Jun 2001
Location: Charlotte NC
Posts: 270
3 or more employees in NC and you have too have it.
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