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#210668 07/19/13 09:29 AM
Joined: Oct 2002
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Anyone know of a company that does not require $1000.00 upfront to get Workman's Comp. Insurance? N.C. does not require it unless you have over 2 or 3 employees, but a lot of business require it. I'm losing work opportunities by not having it, but cannot afford the "down payment" to get it. Thanks

Joined: Apr 2002
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sparkync:
All I can say is I had an insurance agency that handled all my insurance needs, auto (trucks), liability, WC, state required bond, etc. I had a 3 payment option if I choose to use it, or pay all up front. They also handled my personal insurances, and my daughter too.

Do you have an agent? Getting a package from one place has a lot of advantages IMHO. Keep in mind I'm in NJ.


John
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Yes, I have actually 2 agents. 1 for my autos, and 1 for my general liability. My auto agent didn't do general liability so I had to get it through one of their "sister" agencies. They did do me a quote for workman's comp. a couple of times. Was around $2600.00/year for just me, no one else, with around $1000.00 having to be paid up front. I know that's probably not much to most of you, but to my small company,it's hard to come up with. Just a "ghost policy" takes $1000.00 up front. But I guess if that's the only way, maybe one day I'll get the courage, and "the customer", I need to compensate for it:) thanks for the input though

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I have a ghost policy in NC through Erie for about $800/year. This is for residential only. The price goes up when you add commercial. I really only do commercial service work with some small installs so I am signed up for residential only.

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sparkync:

I left out an important piece. I was introduced to my insurance agency thru the NJ Electrical Contractors Association. That was a $100 annual membership back then,now it's pushing $400.

That was one of the best $100 I spent. Got the ins. agency, a collection agency (IF needed) and a lawyer (if needed). Although I closed shop in '07, I am still with the Ins Agency.

Have you looked into any association embership in NC, and checked the benefits IF you do join, vs the cost of joining?

Just a thought and suggestion.

BTW, What is a 'ghost policy'? I never heard that term.

Stay safe

Last edited by HotLine1; 07/19/13 07:52 PM. Reason: added a BTW

John
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A ghost policy is worker's comp "coverage" for business owners. You are basically opting out of actual coverage. It gives the appearance of coverage for the GCs that you work for and meets the requirements of coverage for the state but there is no actual coverage. If you get hurt, SOL.

You still need worker's comp for any employees.

Joined: May 2003
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I have this http://www.worksafebc.com/insurance/registering_for_coverage/personal_optional_protection/

coverage is 2500 per month it costs me 103.00 every 3 months. And I still get called a hack go figure

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Doug, my clients always ask for Workman's Comp. I'm not sure they would accept that..

Schenimann, did you have to pay up front to get your policy or just the $800.00 in one payment? thanks

John, thanks for the info. I get mail all the time just about to join NFPA etc... Don't know if they have any benefits that would lessen the cost or not. I might look into it next time I get a "last chance" letter in the mail.

Last edited by sparkync; 07/25/13 10:22 PM.
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It is a single payment for a year in advance. I've carried this particular coverage for about 4 years. I use an independent agent that is able to shop around for different rates. I was close to $1,000/yr before I dropped the commercial. That saved me some and I wasn't doing much commercial anyway. You may just have to bite the bullet and make it happen.

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sparkync:
I did not reference NFPA. I was in the NJ State Electrical Contractors Association, which has many local chapters.

You may want to look around in NC and see if there are similar groups with some 'benefits' for being a member.

NFPA is the people who write numerous codes, including the NEC. Membership there gets discounts on code books, CEUs, etc. It is more oriented to inspectors.


John
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