Jeff 232 Report post Posted February 17, 2006 Man its getting expensive to run a biz. I switched insurance brokers for my GL & Workers Comp to get a better rate its still costing a ton, its all based on payroll and now Im paying over 2K for GL & over 5K for comp, What a racket. I have no claims against me ever but just keeps going up & up I thought taxes were bad, man insurance is going to be a killer Share this post Link to post Share on other sites
bforbis 14 Report post Posted February 17, 2006 " I owe, I owe, so off to work I go" ONLT TWO THINGS IN LIFE THAT ARE GUARANTEED; DEATH AND TAXES! I don't like to think about either one. Share this post Link to post Share on other sites
Celeste 341 Report post Posted February 17, 2006 Hey Jeff, for obvious reasons (multiple employees means higher payroll) your WC is increasing.....did your GL go up because of the high rises you're working on now? Celeste Share this post Link to post Share on other sites
Littlefield 65 Report post Posted February 20, 2006 Jeff, is that per month or quarter? Share this post Link to post Share on other sites
Littlefield 65 Report post Posted February 20, 2006 Since its based on payroll, have you considered a less cash, more perks type of compensation plan? Share this post Link to post Share on other sites
JFife 14 Report post Posted February 20, 2006 Been thinking same thing as Rich.....aside from the fact it makes me feel like a communist Democrat, I like the idea of paying less/perking more. My thoughts are gas cards, vehicle, phone, .....what else is there?? Too much more, and I'd definitely start feeling like a socialist. Any other ideas?? Share this post Link to post Share on other sites
Advanced P and GC Inc. 14 Report post Posted February 20, 2006 Here in GA. I have found that buy joining ($500 / yr) my local building organization (Georgia Home Builders Association), I can get my WC through them. It is a large group of builders who more or less self insures the whole group ( as would a large corporation). It is not cheap, it is still expensive, and still based on payroll, but I have shopped it around 2 times in the last 4 years, and the Home builders assoc alwayse has lower rates. I have also heard some accountants say bonuses could be considered a perk. Pay your empl. a modest salary (for WC purposes) then a monthly or whatever bonus based on gross totals, WC is only figured on the payroll / salary, not bonuses. But many accountants and lawyers also belong in jail, and you have to be carefull whose advice you follow. I am sure if you ask your insurance co, they would say no. In the unlikly event of a large claim, they would probably audit you heavily, end may legally refuse to pay, if they found fraud, like unreported payroll (or something they could convince a judge is payroll, like a majority of an employees compensation coming from a bonus) leaving you stuck with a large debt 1/2 million - 2 mil$??? Matt Share this post Link to post Share on other sites
