Workmans comp question

Discussion in 'Business Operations' started by BLC1, Feb 26, 2008.

  1. BLC1

    BLC1 LawnSite Senior Member
    from Ohio
    Posts: 714

    Do you guys elect coverage for yourselves? I guess this applies to anybody who is not set up as a corp.
     
  2. jc1

    jc1 LawnSite Bronze Member
    Posts: 1,660

    I waive it on myself do to the cost as the owner is higher. A disability policy is more affordable.
     
  3. Drew Gemma

    Drew Gemma LawnSite Bronze Member
    Posts: 1,510

    get a disability policy you can get short and long term in one if shop for a good price

    Wc is expensive for yourself and not worth it employees yes!
     
  4. VBsnow

    VBsnow LawnSite Member
    Posts: 241

    Disability is great except for one major issue: medical bills. The best thing about workers comp for owners is not being paid your lost pay, but the actual medical bills. If you become injured seriously, health insurance will not pay if you do not continue to pay the bill. Many disability policies will IF you set it up to pay itself once you lose your source of income. However, WC pays regardless of whether the policy cancels after your injured. In VA, it will pay forever, even long term care and such. I have seen people end up in a home after serious injury and every bit of it was paid.

    As another poster stated, it does cost more though. It's stil lthe cheapest alternative if you need the med bills paid.

    I hope that helps.
     
  5. Drew Gemma

    Drew Gemma LawnSite Bronze Member
    Posts: 1,510

    yeah but that only covers med bills if your hurt on the job where disabillity will cover on or off
     
  6. VBsnow

    VBsnow LawnSite Member
    Posts: 241

    Cover what?

    Disability covers your pay. Disability does not cover your medical and long term care at all. Period. Enjoy that disability payment when it goes towards paying your medical bills. At that point, I hope you have a loving and wealthy family because if not, you just entered the world of public assistance.

    On a final note, you may want to remember I do this for a living. You all who are purchasing disability policies(I have one of my own) need to be sure you understand the policy. They are exceptionally different when compared to the simplicity of your LCO insurance. You should consult someone who understands the subject thoroughly. I do.
     
  7. LwnmwrMan22

    LwnmwrMan22 LawnSite Platinum Member
    Posts: 4,372

    I personally have a disability policy that will pay me $3,000 for 6 months.

    I figure in that time, if I'm that completely disabled, my wife will hopefully be able to dump the equipment and find a buyer for the business. I have contact with enough guys that are semi-retired / slow with work, that most of the work could be attempted to be completed.

    I also carry a work comp policy. In MN, as of April 1, 2008, a policy will cost $3.80 / $100 in wages. This means on the roughly $40,000 I "take home", that it'll cost me about $1,500 for medical coverage for the year.

    IMO, I don't see how someone could be without it. My wife works for the state of MN, and has decent insurance there, but I've heard too many horror stories about someone not being covered, because it was "a work related injury". I'm the type of guy that would rather have a little too much insurance, rather than not enough and get killed by bills.
     

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