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Old 12-11-2002, 08:14 PM
Bunton Guy's Avatar
Bunton Guy Bunton Guy is offline
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Workers Comp insurance IN NC

I am working on larger Commercial properties and they insist on me having workers comp regardless of # of employees. Just curious if anyone has a insurance company in North Carolina that supplies workers comp that will let you make payments. I have made many efforts to find a company that will let me make payments on workers comp like I do for my General Liability. Im working on a time limit to get this which dosent help.
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Old 12-11-2002, 08:22 PM
hlgmoney hlgmoney is offline
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I checked on it yesterday here in SC. Unless you have a cartain dollar amount of payroll, the insurance company has to run the policy through the "Residual" market, or that's what I was told. When doing this they will not finance the coverage. I was told $750.00 per year and at year end an audit where they charge you per $100 in payroll. As owner of the company, your pay is excluded.
Hope this helps.
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Old 12-11-2002, 08:28 PM
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LakeSide Lawn and Landscape LakeSide Lawn and Landscape is offline
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If im not mistaken for workers comp.you always have to pay it all.I dont know for sure because i have no employees yet.I do know a very good company for workers comp.it is auto owners ins. in charllote.my girl friend works in the comercial ins. dept. there.If you would like there number shoot me an e-mail and ill give it to you.They write ins. for alot of LCO'S in north carolina and all over the country.hope this helps
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Old 12-11-2002, 09:42 PM
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AztlanLC AztlanLC is offline
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Most worker's comp ins. charge by the amount of employees you have and the wages you paid, when I first started I was ask to stimate how much would I'll be paying trought the year for my employees, I dind't wanted to screw thing and made a figure a little higher the problem at the end of the year they did the audit I was couple tousand dollar short so I was entiled to a refund, the lady who did the audit insisted couple of times that if I had paid cash, she try to find charges so they didn't have to give me my $300.00 back, which they did.

I would suggest to tell'em that you are only going to use 1 worker that way your initial payment would be lower, then set aside money each month for the end of the year audit.
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Old 12-11-2002, 09:56 PM
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Fantasy Lawns Fantasy Lawns is offline
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Most "Officer's" of Corporations ....(not sole prop) are exempt from WC (that S corp or LLC thing starts to kick in) ....anyways I don't know the NC rate but for us in FL it is .098 ....so on every $100 dollars of Gross pay I send the company $9.80 dollars ...this is due in FULL before the end of the year ....

So you give em an "estimate" of your Yearly Payroll ....say you estimate to pay employees $50K for the whole year ....before years end you would have sent the "company" $4900.00 dollars ... (bout $400 per month) ....anyless you pay ....any more you get back ...thus the wonders of hiring employees

http://www.workerscompensation.com/index.htm
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Old 12-11-2002, 10:24 PM
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Bunton Guy Bunton Guy is offline
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I have told my insurance agent I have no employees untill I seal the deal on these contracts and that I pay no payroll to anyone and still the rate is $850.00 upfront.
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Old 12-11-2002, 11:32 PM
Doc Pete Doc Pete is offline
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Quote:
Originally posted by Bunton Guy
I have told my insurance agent I have no employees untill I seal the deal on these contracts and that I pay no payroll to anyone and still the rate is $850.00 upfront.
Yup, I can see that. In NJ they have a set minimum which is about $22,000. This is least amount they feel the owner will make. Taking 34 cents on the dollar that's about $660, plus fees for writing the insurance, it's about $750/$850. And, whatever you make above the $22,000 "you" pay at the 34 cents per dollar amount. Employees are taxed at the same amount per dollar, but the original $850 amount that "you" pay just for the insurance policy covers any and all employees. In other words, you don't have to pay $850 for each employee and then 34 cents per dollar, too. It's simple, but I didn't understand for a while.
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