Workers Comp, Disability Unemployment ins

OK for those that are a Corporation or LLC do you or how do you handle any Disability, workers comp or Unemployment insurance for yourself ?

Please discuss. :cool:


No workers comp for self employed in WI

For disability insurance, talk to you insurance agent.

Talk to your accountant, who should also be handling your payroll and taxes.

Owners can opt out of workers comp in IL, state unemployment insurance at 3.0 percent of gross, disability from insurance agent.

If you are self employed you can usually opt out of workers comp. If you pay yourself a paycheck (LLC or Corp) I believe that you have to pay disability and unemployment.

Of course if you have employees, you better pay WC and everything else. beware that if you hire people as 1099 contractors that the IRS is really cracking down on the relationships. The 1099 better really be an independent contractor as defined by the IRS.

That means that they must be a separate business, have their own equipment not supplied by you, market themselves to their own clients, etc. If you get caught, and the IRS or state decides they are employees, you can be nailed for not having paid WC and all the payroll taxes.

I have WC and pay unemployment on my employees, even the office crew(Field Inspector Support Staff, AKA FISS)

Even though we inspect roofs for insurance companies we are not covered to walk on roofs.:roll:

Nope, none of it.

I have thought of purchasing a separate Disability policy, but have not done it.

So what do you all do if you get hurt and cannot work for a prolonged length of time? :roll:

Apply for welfare?

I have disability insurance which by the way was used this past 4 years as I was going through chemo and radiation therapy for colon and liver cancer. Check was there in bank every month withanother policy that took care of my expenses. I always thought it was expensive, but once I was activated it, it was great. It kept my business going as I recovered and gave me peace of mind.

Partrick, thanks for the reply and I am very sorry to hear that you actually needed to use it. I’m very glad to see you are ok now my friend.:cool: