I am looking to get insurances in NC. Does anyone have any recommendations? I am an incorporated business, currently no employees. I do all types of repairs and remodeling. I sub out electrical, HVAC, roofing, and most major plumbing.
Am located near Emerald Isle. 75% of work is on beach homes.
Have been incorporated since Jan 1 2006, been in business for myself for about 3 1/2 yrs.
John
Replies
"I am looking to get insurances in NC. Does anyone have any recommendations? I am an incorporated business, currently no employees. "
If the corporation doesn't have any employees how does the company get any work done.
With subcontractors?
Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!
Who is going to select and hire the sub-contractors?
Jim, try Farm Bureau...and tell Bill, you're the only employee<G>I'll be down at Emerald Isle in a couple of weekends...taking the crew and residing a house on East Landing...want to party?Are any fish still running? "I am the master of low expectations." Georgie Boy, aboard Air Force One, June 4, 2003
I have no full time employees right now, am thinking about hiring full time. I have been able to do the work myself or sub it out so far.
Am still small but getting bigger size jobs lately.
John
A corporation does not have any arms or legs."I have been able to do the work myself "Then you are either doing it as a sole-proprietor or as an employee of the corporation.And for the corporation to have any meaning you need to be an employee of it.That means a W-2, withholding and all of that.Also it affects WC. How it affects it depends on the state.
I am the only employee, sorry for not clarafying that. I understand all the W-2, employee stuff.
John
Doesn't matter if he has any employees ... he still needs liability coverage.
"When asked if you can do something, tell'em "Why certainly I can", then get busy and find a way to do it." T. Roosevelt
Does W/C cover the President of the corp.?
I have heard it does and heard it does not.
John
I ran my company in NC as a S Corp, now relocated to CT. I had W/C through National Grange Mutual Ins Co. As I started solo, technically the W/C did not cover me per se - but it allowed me to work as a sub for other GC's. I was told that if I had stayed solo I would have been reimbursed a majority of the W/C fee at the end of the year.I soon had an employee and he was covered, helped when he got his finger a little too close to the chop saw.I understand that technically, as a S Corp, you are an employee of the business. As my wife was technically the Secretary/Treasurer so she also was an employee. With the one 'real' employee I hird that made for three employees - a number which if you go over complicates things in NC.All the best, and enjoy the warmth I'll be missing this winter.Let's not confuse the issue with facts!
"Does W/C cover the President of the corp.?"First it will vary by state. But I see that someone else has specific experience with NC.But I don't think that the issue is about the title, but rather ownership.You could be the president, but all stock is owned by someone else.
In NC, officers of the corp, can waive WC coverage on themselves. The state does not require WC coverage on less than three employees, but insurance companies require any of their policy holders, like GCs, to either get certificats of ins. from subs, or be covered under the GCs policy. The GC can charge the sub whatever he wants, and usually the GCs bookeeper gets a piece of the action, to boot.For about 900 bucks a year, you can get a policy that covers you, but you can't collect on it...don't you just love the insurance game?<G> "I am the master of low expectations." Georgie Boy, aboard Air Force One, June 4, 2003
Thanks for the info.
All good info from everyone thanks .
Try builders mutual if your a member of the NC Homebuilders assn you get a discount and the rates are some of the cheapest in the state your indapendent brokers should have access. if not shout back my ex boss sits on the board and I can get you a name. If not a membedr the you should join good info and a [tax deductable] meal a month for price of membership.