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Workers Comp insurance IN NC

Discussion in 'Business Operations' started by Bunton Guy, Dec 11, 2002.

  1. Bunton Guy

    Bunton Guy LawnSite Bronze Member
    Messages: 1,916

    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.
  2. hlgmoney

    hlgmoney LawnSite Member
    Messages: 57

    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.
  3. LakeSide Lawn and Landscape

    LakeSide Lawn and Landscape LawnSite Senior Member
    Messages: 337

    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
  4. AztlanLC

    AztlanLC LawnSite Bronze Member
    Messages: 1,051

    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.
  5. Fantasy Lawns

    Fantasy Lawns LawnSite Bronze Member
    Messages: 1,912

    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

  6. Bunton Guy

    Bunton Guy LawnSite Bronze Member
    Messages: 1,916

    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.
  7. Doc Pete

    Doc Pete LawnSite Gold Member
    Messages: 3,469

    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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