Workmen's Compensation: Any Help Greatly Appreciated!

jett_painting

Hey guys, I would like to say first thanks to all of you out there. This forum is an extremely helpful resource; a wealth of information. On that note (lol) I could use some input on workmens comp....we are shopping around at the moment on this subject and need to make some decisions pretty soon. My main question i suppose is how can i minimize the cost??? Some of the quotes I've gotten are REALLY shocking. Also, are there any good resources on the internet where i can find out some more info? I tried search engines several times and got tired of wading through all the useless junk!
If there is a sticky on this matter somewhere, I guess I've missed it.
Thanks in advance for your help.......

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Christopher M. Jett
Jett Painting & Drywall LLC

realpurty2

Workman's Comp is based on the amount of payroll and the payroll classification. Painting just happens to be one of the lowest cost services out there due to the smaller risk in comparison to high voltage electric, high steel workers etc. How your catagorizing your payroll hours can cut cost, also your pay rates per service. Try adjusting those two areas and get new rate quotes.

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Woman in a Man's World.

jett_painting

I think I have done all I can do in the categorizing payroll dept...lol. I know that is probably one of the most important factors in keeping cost down. One question a little more specific than before: Is there a particular agent out there somewhere that tends to be more economical? So far around here (Louisiana) my quotes have come from basically local agents. Another paint contractor friend told me of a "private" insurance company that he found was far cheaper than some of the others, so I will check with them tomorrow. Thanks for the help!

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Christopher M. Jett
Jett Painting & Drywall LLC

redwing510

Jett, for me I joined our local home builders association for a minimal fee which in turn offered workmans comp a rate of 4 to 5 perecent cheaper than any agents I could find. Try looking under the National home builders association.

jett_painting

thanks....overlooked that idea!

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Christopher M. Jett
Jett Painting & Drywall LLC

jett_painting

Another question for you guys.....I'm submitting a bid on a commercial job next week. The GC wants us to have ourselves covered under WC. Everyone I have talked with have advised me to have my brother and I excluded to exempt our pay. We are set up as an LLC with both my brother and I listed as officers/owners of the company. A contractor I'm working with at the moment told me he couldn't see why they would require that since you typically don't sue yourself, lol. Anyway, I guess I would like to know if covering ourselves with WC serves any real purpose other than paying more? Thanks for the input

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Christopher M. Jett
Jett Painting & Drywall LLC

JustaFramer

The GC doesn't want you to sue him. What you can do is cover yourselves for this job and pay your bother and you a hourly rate and pay the rest as profit sharing.

bgallese

Contact your local Chamber of Commerce. They typically have plans or suggestions in place that help control costs. After a year you will be able to join a workers comp "administration" organization that will cut costs by 75-90 percent. I am living proof of the savings!

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Bob G.

" If you can't do it right, don't do it at all"