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Old 03-10-2012, 07:28 AM   #21
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Re: Workman's Comp


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Originally Posted by falcon1 View Post
Speaking from experience, that is not a good idea. In Mass we have the option to opt out from WC coverage if you're self employed. I was injured on the job a couple of years ago and I was glad to be covered. All my medical bills and lost wages were paid in full and I got $25,000 compensation for "scarring and disfigurement". (thumb amputation.)
Consider it a disability policy.
Mind if I ask what the ballpark price is on that comp? Yearly of course. After the state changed the wc laws I dropped mine as the cost went from $700 per year to $4000. I am a sole proprieter and sign the wc affidavit to pull permits.
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Old 03-10-2012, 11:15 AM   #22
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Re: Workman's Comp


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Mind if I ask what the ballpark price is on that comp? Yearly of course. After the state changed the wc laws I dropped mine as the cost went from $700 per year to $4000. I am a sole proprieter and sign the wc affidavit to pull permits.
Ya, a lotof the time it's not weather you want it..but rather Can I afford it. With the crappy economy and less work, It sometimes is not possible to pay for WC when you are out of work for couple months at a time.
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Old 03-10-2012, 11:49 AM   #23
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Re: Workman's Comp


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Mind if I ask what the ballpark price is on that comp? Yearly of course. After the state changed the wc laws I dropped mine as the cost went from $700 per year to $4000. I am a sole proprieter and sign the wc affidavit to pull permits.

I pay about $4500 a year based on payroll but I do get audited by the ins co every year. I use a lot of subs for certain trades like electrical and plumbing and they want to see their their insurance certs or else you end up paying for it. Check with you ins agent because at $4000 you should be covered. Don't wait till you get hurt. Also keep in mind that the ins co performing the audit can interpret the rules anyway they want.
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Old 03-10-2012, 11:52 AM   #24
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Re: Workman's Comp


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Ya, a lotof the time it's not weather you want it..but rather Can I afford it. With the crappy economy and less work, It sometimes is not possible to pay for WC when you are out of work for couple months at a time.
Isn't that the truth. A person can get to the point of being insurance poor if you where to get all that every one thinks you should have.
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Old 03-10-2012, 12:28 PM   #25
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Re: Workman's Comp


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For conversation sake, and saying your working on a residence. Are you not working for the homeowner? If you get hurt on the residence, who would the lawyer go after to pay your large bills that you could not afford to pay?

If the city or village requires proof of insurance when you pull the permit, do you just tell them you dont have workers comp? Can you still pull permits or do you guys have the homeowners do it?

There are guys that I won't have do work for me just because they don't have workers comp. Somebody has to pay it come ins. audit time.
Most HO insurance policies have a WC rider for casual labor. Individual company policies will vary. I don't know how 'casual' the labor rider is, but think in terms of a handyman service or other domestic service without employees.



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Originally Posted by krist View Post
Mind if I ask what the ballpark price is on that comp? Yearly of course. After the state changed the wc laws I dropped mine as the cost went from $700 per year to $4000. I am a sole proprieter and sign the wc affidavit to pull permits.
WC rates will be determined by what trade you are in. In New York State one may elect coverage (sole proprietor or corporate officer) and would be based on a mandated salary of $27,500. Medical expenses would be covered, but lost wages would be hard to get by on at the rate. I don't know if the salary can be raised but I don't think it can.

In NY the WC board determines the rates per $100 in payroll for employees. For example, I am a roofer. The board rate for roofing in NYS is around $36 per $100 in remunerations.

So $27.5K x .36 = $9900 for an owner (roofer) covered by WC. This rate would be different if the roofing company owner was purely administrative/sales and was not part of operations. Of course employees are figured separately and additionally at the 36% rate. There is a weekly maximum to which a policy will charge per employee. In construction classifications here in NY the weekly max is about $1106 per employee. One will only pay premium on the first $1106 ea employee makes per week. Realize that this cap also sets a limit on the amount a worker can collect for lost wages as insurance will only cover the insured part of the payroll.


If one takes out a WC policy and elects to be exempt from coverage, most policies have a minimum premium that will be due for the period even if there is no auditable payroll for that period.
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Old 03-10-2012, 12:39 PM   #26
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Re: Workman's Comp


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WC rates will be determined by what trade you are in. In New York State one may elect coverage (sole proprietor or corporate officer) and would be based on a mandated salary of $27,500. Medical expenses would be covered, but lost wages would be hard to get by on at the rate. I don't know if the salary can be raised but I don't think it can.

.

The lost wages are determined by going back 6 weeks before the accident. At least in my case that's what happened. I also had to hire a lawyer to get my compensation because the insurance co tried to screw me over based on the recommendation of their "independent physician" who is paid by them. Lawyer cost me nothing because they had to pay.
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Old 03-10-2012, 12:43 PM   #27
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Re: Workman's Comp


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The lost wages are determined by going back 6 weeks before the accident. At least in my case that's what happened. I also had to hire a lawyer to get my compensation because the insurance co tried to screw me over based on the recommendation of their "independent physician" who is paid by them. Lawyer cost me nothing because they had to pay.
Comparisons between states is hard as this is definitely a state issue.
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Old 03-10-2012, 03:45 PM   #28
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Re: Workman's Comp


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The lost wages are determined by going back 6 weeks before the accident. At least in my case that's what happened. I also had to hire a lawyer to get my compensation because the insurance co tried to screw me over based on the recommendation of their "independent physician" who is paid by them. Lawyer cost me nothing because they had to pay.
My post was a little fuzzy..........I meant if an owner were to collect for any period of time, the comp paid to the owner would be hard to survive on
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Old 03-10-2012, 09:11 PM   #29
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Re: Workman's Comp


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My post was a little fuzzy..........I meant if an owner were to collect for any period of time, the comp paid to the owner would be hard to survive on

Most definitely but it's better than nothing.

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