Liability Insurance in FL

Discussion in 'Florida Lawn Care Forum' started by panzafit, Mar 29, 2011.

  1. Ric

    Ric LawnSite Fanatic
    Posts: 11,956


    As a One man band I take a lower salary and a quarterly Bonus that is taxable income but not considered Salary. I save on other payroll taxes plus it doesn't effect my SS check because it is investment income. This is all legal if done correctly. Remember if corporate America can do it why can't we.



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  2. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    That used to be the case for S-Corps but I think they Nixed that because of people like John Edwards that abused it. C-Corps can do it but they pay 35% income tax at the top level.
     
  3. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    Again not Florida this is Texas rates for a landscape maintenance company with a Squirt and Fert endorsement of 300k


    WC 4.87 per 100 ( IE 4.87% of payroll and subs)



    GL looks to be 3% but I am still looking for my actual renewal.
     
  4. Patriot Services

    Patriot Services LawnSite Fanatic
    Posts: 12,678

    Difference in FL is the fert and squirt. CPO are generally treated as a seperate industry. There are a lot of Ala~cart options to choose from.
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  5. Ric

    Ric LawnSite Fanatic
    Posts: 11,956

    Duekster

    Use some common sense. As a one man semi retired part time guy I can Cook the Books all I want. Back in the day I was an S corp. My children were Officers and of course they needed college courses as company officers. If GMC can do it, Why not me too.



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  6. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    I appreciate you and all your help, advice and input but common sense is not posting some things on a fourm.
     
  7. Ric

    Ric LawnSite Fanatic
    Posts: 11,956

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    Just about every Small businessman uses creative Accounting in some way. No way I could get busted for saying I cook the Books.



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  8. Landscape Poet

    Landscape Poet LawnSite Gold Member
    Posts: 3,638

    This is true for Travelers and Nationwide. I have been investigating different cost options recently.

    They will automatically consider the owner's salary as this amount because they know that the owner can cook the books to show they make less if they want.

    This is what I have found so far. Nationwide is a much better option for me at this point even though Travelers was when I first signed up. Nationwide gives a much better rate for someone with my wants. This includes covering all my equipment from damage and theft, having a employee with wages over $22K on top of my min of $16.7K salary from them and needing 1mil/2mill general liability. The reason was not so much that the general liability portion was cheaper through Nationwide because it was more expensive on its own but when the equipment protection was added the overall rate went down enough to save me several hundred dollars a year. Both companies are A rated for financials so no worries there, still reviewing everything and having the wife that works in insurance run a double check before switching but looking forward to sticking a couple hundred back in my pocket each year.
     
  9. Patriot Services

    Patriot Services LawnSite Fanatic
    Posts: 12,678

    For a guy just starting with a 5X8, WB and 3 handhelds doing 20~40 accounts its a perfect fit. Equipment coverage would be overkill.
    Posted via Mobile Device
     
  10. Landscape Poet

    Landscape Poet LawnSite Gold Member
    Posts: 3,638

    I agree and I questioned my agent if it was possible to get GL for that price today and it is through travelers and that is affordable so NOOBs have no reason why they should not be insured.

    Me personally, I just feel better knowing if my equipment is jacked, if it is in a fire, if a tornado or hurricane takes it out...I am not out of business. If I were starting out like you described, it might be different.
     

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