I finally took the leap and started a business.

[CostaRicaBound]

By the way, if you go as far as Roswell, my house needs gutters. Let's talk...

 

[Willy Leadwell]

Also, you can exempt yourself from workers comp as an owner.

 

[Darkdiesel]

I'm a contractor in the kitchen and bath industry, focusing on installations. My WC insurance runs about 11% of payroll. You could start off by getting a "ghost" policy here in GA, which will run you about $1500/year premium, but doesn't cover anything. It will, however, satisfy your WC requests from builders and other clients. Make your subs carry their own WC insurance and you won't have to write a check for the premiums on their earnings at your year-end audit.

11%? Ouch.... have you shopped that rate? I'm an electrical contractor, up to 30' working height, commercial and residential and i'm at 8%. One of my friends that is also an EC got his policy from a company in cali for halfish of mine. We both run 500k per occurrence.

 

[Darkdiesel]

They've made ghost policies so expensive it makes more sense to get a real policy now. They still audit for a ghost policy as well, I got hit with that my first year in business lol.

 

[CostaRicaBound]

11%? Ouch.... have you shopped that rate? I'm an electrical contractor, up to 30' working height, commercial and residential and i'm at 8%. One of my friends that is also an EC got his policy from a company in cali for halfish of mine. We both run 500k per occurrence.

The 11% was after shopping it. Our liability occurs mostly from back injuries, so some rates are as high as 26% for some contractors.

 

[jr308]

Hope it goes well for you. My wife and I are house hunting right now, so I'll keep you in mind if we end up with a place that needs some work.

 

[Cohutta68]

I'm a contractor in the kitchen and bath industry, focusing on installations. My WC insurance runs about 11% of payroll. You could start off by getting a "ghost" policy here in GA, which will run you about $1500/year premium, but doesn't cover anything. It will, however, satisfy your WC requests from builders and other clients. Make your subs carry their own WC insurance and you won't have to write a check for the premiums on their earnings at your year-end audit.

^this works. This is what most people do, untill you accrue enough assets to need better protection.