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I was told recently by a property and casualty agent that I

Customer Question
have insurance with, that I...
I was told recently by a property and casualty agent that I have insurance with, that I need workers compensation insurance because we have 3 employees. He then tells me that the coverage is very inexpensive because our business is clerical in an office and myself, my wife, and employee are all clerical. I started looking at workers comp because I am moving in an office and I have handymen putting up pictures and shelves and other odds and ends. I call around to compare rates for workers comp coverage and I am told that I do not need workers comp because owners can be exempt and it will not cover handyman or workers to do other jobs in my office. I was told that a handyman or worker in my office that is non employee would be covered under my business owners policy, Is this correct? And should I get workers comp coverage for my office?
Submitted: 2 years ago.Category: Finance
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Answered in 11 minutes by:
11/20/2015
Financial Professional: PDtax, CPA, MBA replied 2 years ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 4,781
Experience: Tax professional and business consultant for 35 years.
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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.

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Financial Professional: PDtax, CPA, MBA replied 2 years ago

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.

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Financial Professional: PDtax, CPA, MBA replied 2 years ago

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.

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Financial Professional: PDtax, CPA, MBA replied 2 years ago

Look for exemptions for that third worker, since workers' comp might be mandatory for your work in Florida.

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Financial Professional: PDtax, CPA, MBA replied 2 years ago

Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.

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Customer reply replied 2 years ago

I have replied a couple of times and do not see that you are getting my replies, did you just get this response?

Financial Professional: PDtax, CPA, MBA replied 2 years ago

I see your response at 2:36.

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Customer reply replied 2 years ago

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?

Financial Professional: PDtax, CPA, MBA replied 2 years ago

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.

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Customer reply replied 2 years ago

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.

Financial Professional: PDtax, CPA, MBA replied 2 years ago

I agree. There will be liability coverage in the BOP for the slip and fall you describe.

Positive feedback is appreciated. I'm PDtax.

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PDtax
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