Insurance Stress

Msargent

So after i had a great chatt and booked month of feb with Gc hanging taping sheetrock, He asks do i have workers comp i say no no employees. He says fine this time next time need workers comp. I can put workers comp on 1 worker for 2k a yr me and the same worker 12k . So i now go from being broke to freaking out i told the ins lady that makes me never work in this town , she says whys that i said thats the difference from 25 per hour to 32 instantly, all of a sudden i go to needing 1300 a week income just to make ends meet HOw i ask you. Thanks for the rant sorry to vent my poor wife cant handle much more.Sad to say im trying to look out for my self and dont think i can honestly afford to right now.

Forry

You hang it yourself? How's that work out?

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now i am scared for my future
i've got all ten
smashed a lot of them stupidly before
-john5mt

Msargent

I have a dead man ,he has his own carpenters that are going to help as well.

Double-A

As a GC, all of our subs must carry WC to work for us. Why? Because, WC is based on salary or more accurately remuneration. Our WC insurance carrier charges us for the money we pay to our subs if we do not have a certificate of WC insurance or a wavier on file for that sub.

This means that we have to pay for their WC coverage that they are not providing. As a GC, we will withhold payment for non-coverage by a sub. This is money that will be paid to the insurance companies by us, or by the sub, but someone is going to pay. Its a cost of doing business.

Check with Vermont Department of Labor about your particular situation and see what your options are.

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"My clients’ wishes are the center of my attention." -- David Guido, a contractor in Woodstock, N.Y.
New York Times, July 20, 2006

simplejack

Having a little reserve money in the bank will help with stress. Clearing the air at home is another way to keep things from boiling over, believe me, you don't want to bring drama home, it will make working long hours hell! your home should be where you recharge your batteries, no matter how little time you spend there. this will enable you to work longer hours by yourself until you get a little cash surplus, then when steady jobs come your way you'll be in a better position to hire and pay for labor.

"Cost of doing business" is right try figuring the cost into your hourly rate over 40 hours a week for each employee, through out the year, in other words spread the cost (overhead) over many jobs. don't hit this one job with the entire cost of your policy.

This is tough, I know, I had a painter that worked by himself, 14 hours a day 7 days a week for months! No workers comp of his own, and all I'd ask is not to bring ANYONE to the site when I wasn't there. He'd work with friends on other jobs but NOT mine.

That is the quickest way to go belly up, someone getting hurt on your job. then it won't be hard to stay in business it will be impossible.

Good luck

Msargent

Thanks for all your advice Thats why i love this site to know im not alone is damn nice and reassuring to know others have been in my shoes and i dont want to be 90% to go under , Most of you all have to worry about illegals to compete agaisnt as of right now i dont yet. Sad to know i can get wc on 3 employees cheaper than i can for me . I now go from 25.00 per hour labor rate to 32.00 just to maybe put 10% away for rainy days. I have an esitmate hanging out that is 2 months work if priced wrong NADA worried about getting undercut . Keep the peace and thanks again.

sparehair

I wonder if your insurance quote was based on your wages being high? Say you have an employee at 20k a year and you report earning 80k. Your going to pay by the $1 of wages if I'm not mistaken. I very well could be as a worker's comp exempt contractor (can't have employeees) Perhaps you should get another quote based on your agi (adjusted gross income). My sales this year were about 3x my agi. Don't want to quote sales to the insurance company quote what you "net".

dirt diggler

Actually, I can't bear to hear your belly achin anymore - chargin $25/hr and whining that you can't afford your insurance.


The recession is not causing your problems....

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Thanks in advance!!!

ScipioAfricanus

Right On.

$25.00/hr? How can you even live on that? In the Vermont area? It can't bethat far off from Calif. You can't bill out a full 8 hrs per day so you might as well stand around the Home Desperate with the other $10.00/hr folk. You would be better off financially.

Andy.

JMJ

You have to work through that phase. You need to charge more right away. It's tough in this environment but in commercial work you have play by the rules. Save every dime you make and keep it in your business. You are gonna get hit from the federal, state, local, unemployment, insurance and it goes on. Build up your reserves so you can pay when they're due. If everyone did this, the trades would benefit greatly.