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Hi from Just Answer. I'm PDtax, and can assist.
You are correct that you can opt out of workers' comp, as an owner. I believe your wife can, too. But that leaves your clerical employee and contractors.
The contractors are not your employees and do not need workers' comp coverage. Your other clerical employee, however, might cost you quite a bit for coverage.
Even though you and your wife might be able to opt out (she might need to have some ownership in the business, or be exempt as an officer - check with the issuer), the next person, unless they are exempted out as an officer, will cost. A bunch.
The reason is the policy will be written in two pieces. One is the policy itself for the business. Expect a sizable premium.
The second component is for the wages to be covered. You (and your wife) might opt out. Your third employee might be cheap, let's say $2 per $100 of wages. $400 for a $20,000 wage. Add that to the part 1 premium. Expect it to cost over $1,000 total.
Look for exemptions for that third worker, since workers' comp might be mandatory for your work in Florida.
Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.
I have replied a couple of times and do not see that you are getting my replies, did you just get this response?
I see your response at 2:36.
If I have a business owners policy, would this BOP cover me if I had a handyman come into my office and hang pictures and he fell off a ladder and injured himself?
that should cover you for some of the risks. not disability payments.
that's why independent contractors have to get their own workers comp to protect themselves. they are not your employees.
For this discussion I am not worried about the workers liability to himself, I am more interested in my liability as a business owner and being sued by the handyman who breaks his neck if he fell off a ladder while in my office building hanging a picture on the wall. This is why I would like to know if most business owners policies cover me up to a liability limit in this situation. I have been told I could be, but just want to make sure. thank you for your response.
I agree. There will be liability coverage in the BOP for the slip and fall you describe.
Positive feedback is appreciated. I'm PDtax.