No Workers Comp Insurance - Now What?





🔥 “𝐓𝐡𝐞 ‘𝐍𝐨 𝐖𝐨𝐫𝐤𝐞𝐫𝐬 𝐂𝐨𝐦𝐩? 𝐍𝐨 𝐏𝐫𝐨𝐛𝐥𝐞𝐦!’ 𝐀𝐮𝐝𝐢𝐭 𝐒𝐮𝐫𝐩𝐫𝐢𝐬𝐞” 🔥


➡️ Your subcontractor skips workers comp

➡️ You get slapped with the bill during your audit

➡️ And the sub still expects full payment like nothing happened


Fun, right? 😒

Here’s the truth:

If your sub doesn’t have workers comp, your insurance company treats them like they’re your employee.

𝐖𝐡𝐢𝐜𝐡 𝐦𝐞𝐚𝐧𝐬 𝐲𝐨𝐮 𝐠𝐞𝐭 𝐚𝐬𝐬𝐞𝐬𝐬𝐞𝐝 𝐥𝐢𝐤𝐞 𝐲𝐨𝐮 𝐡𝐢𝐫𝐞𝐝 𝐔𝐧𝐜𝐥𝐞 𝐄𝐝𝐝𝐢𝐞 𝐟𝐮𝐥𝐥-𝐭𝐢𝐦𝐞 𝐰𝐢𝐭𝐡 𝐛𝐞𝐧𝐞𝐟𝐢𝐭𝐬.


So what’s the fix?

👉 Withhold a portion of the sub’s pay equal to YOUR workers comp exposure.

👉 Put it in the subcontract agreement.

👉 Apply it every. single. time.


𝐓𝐡𝐞 𝐟𝐨𝐫𝐦𝐮𝐥𝐚 𝐢𝐬 𝐞𝐚𝐬𝐲:

(𝐋𝐚𝐛𝐨𝐫 𝐏𝐨𝐫𝐭𝐢𝐨𝐧 ÷ 100) × 𝐘𝐨𝐮𝐫 𝐖𝐂 𝐑𝐚𝐭𝐞 = 𝐖𝐢𝐭𝐡𝐡𝐨𝐥𝐝𝐢𝐧𝐠 𝐀𝐦𝐨𝐮𝐧𝐭

𝐍𝐨 𝐝𝐫𝐚𝐦𝐚. 𝐍𝐨 𝐬𝐮𝐫𝐩𝐫𝐢𝐬𝐞𝐬. 𝐍𝐨 𝐚𝐮𝐝𝐢𝐭 𝐡𝐚𝐧𝐠𝐨𝐯𝐞𝐫.


If the sub wants the full check?

They buy a policy.

Simple adulting.


If you want the full process, the SOP, the checklist, the JobTread workflow, and the QuickBooks setup — I built all of it. Because you deserve to be protected from subs who think insurance is “optional.”


𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐨𝐫𝐬: 𝐩𝐥𝐞𝐚𝐬𝐞 𝐬𝐭𝐨𝐩 𝐞𝐚𝐭𝐢𝐧𝐠 𝐭𝐡𝐞𝐬𝐞 𝐚𝐮𝐝𝐢𝐭 𝐛𝐢𝐥𝐥𝐬.

⛔ You’re not a bank.

⛔You’re not a babysitter.

⛔And you shouldn’t be paying for someone else’s lack of coverage.


#QuickBooksCleanup #JobCostAccounting #ConstructionAccounting

#AccountingForContractors #SmallBusinessFinance #BookkeepingCleanup

#FinancialClarity #ProfitabilityMatters #GeneralContractor #ConstructionBusiness #ContractorLife #BuilderFinance #ConstructionManagement #ConstructionPros #ContractorSuccess #accountant #costaccountant #traditionaccounting #outsourcedaccountant #jobcost #palmbeach #palmbeachaccountant

#cfe #subcontractor #workerscomp #workerscompensation #audit #insurance 

Comments

Post a Comment

Popular posts from this blog

𝐁𝐞 𝐡𝐨𝐧𝐞𝐬𝐭... 𝐖𝐡𝐞𝐧 𝐰𝐚𝐬 𝐭𝐡𝐞 𝐥𝐚𝐬𝐭 𝐭𝐢𝐦𝐞 𝐲𝐨𝐮 𝐚𝐜𝐭𝐮𝐚𝐥𝐥𝐲 𝐬𝐚𝐭 𝐝𝐨𝐰𝐧 𝐚𝐧𝐝 𝐫𝐞𝐯𝐢𝐞𝐰𝐞𝐝 𝐲𝐨𝐮𝐫 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥𝐬?

Image
  Not just glanced — really understood where your business stands. For many small business owners, the financial reports collect more dust than insights. And the reasons why? They’re more common (and human) than you think: 🧠 Too overwhelming 🕒 Not enough time 🤔 Don’t know what I’m looking at 💸 Afraid of what I might find 👉 No judgment here — just data that helps us all improve. Comment below, you might help another owner feel less alone. #SmallBusiness   #Bookkeeping   #FinancialClarity   #BusinessGrowth   #EntrepreneurTips   #ProfitFirst   #CashFlowMatters   #accountant   #financials   #financialstatement   #business   #businessowner   #accounting   #cfe   #consultant   #consulting   #businessmindset
Read more

Owner entitlement

Image
🚧 𝐖𝐡𝐞𝐧 𝐭𝐡𝐞 𝐎𝐰𝐧𝐞𝐫 𝐇𝐚𝐬 𝐚 𝐏𝐞𝐫𝐯𝐞𝐫𝐭𝐞𝐝 𝐒𝐞𝐧𝐬𝐞 𝐨𝐟 𝐄𝐧𝐭𝐢𝐭𝐥𝐞𝐦𝐞𝐧𝐭 🚧 In construction, every dollar is allocated job. But what happens when the owner thinks 𝒆𝒗𝒆𝒓𝒚 𝒅𝒓𝒂𝒘 𝒊𝒔 𝒕𝒉𝒆𝒊𝒓𝒔 𝒕𝒐 𝒔𝒑𝒆𝒏𝒅? ✅ Project drawdowns are meant for labor, materials, subcontractors — not vacations, car upgrades, or personal splurges. When owners 𝐝𝐢𝐯𝐞𝐫𝐭 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐟𝐮𝐧𝐝𝐬 to fuel their lifestyle, they don’t just hurt the job — they jeopardize: - Cash flow - Sub relationships - Reputation - Future bonding & financing Let’s be honest — no amount of accounting can fix misaligned ethics at the top. When the business becomes the piggy bank, everyone downstream pays the price. 🛑 You can’t scale chaos. You can’t hide forever. And you can’t build trust on unpaid invoices. Let’s talk about it.  #SmallBusinessFinance #BookkeepingMatters #FraudPrevention #OutsourcedAccounting #ForensicAccountant #SmallBusinessTips  #quickbooks #bookkeeper #frau...
Read more

𝐀𝐬 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐠𝐫𝐨𝐰, 𝐬𝐨 𝐝𝐨 𝐭𝐡𝐞 𝐞𝐧𝐭𝐢𝐭𝐢𝐞𝐬 𝐚𝐧𝐝 𝐥𝐢𝐧𝐞𝐬 𝐨𝐟 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐨𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬 – 𝐭𝐡𝐢𝐬 𝐠𝐫𝐨𝐰𝐭𝐡 𝐜𝐫𝐞𝐚𝐭𝐞𝐬 𝐢𝐧𝐭𝐞𝐫-𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠.

Image
  Many businesses choose to consolidate, add or create LLCs to meet various needs or products and services that are offered. Often times these additions can create a routine accounting function called inter-company accounting. While many business owners are focused on money flowing in and out of the company, only the accountant is truly concerned about the inter-company accounting because sometimes it can be a real challenge. If you are struggling to manage your firm’s inter-company accounting then the answer you seek lies within Tradition Accounting’s product package. This type of function is serious, complex and when left unmanaged it can create exposed liability to the LLC. Many in-house bookkeepers will simply record the transactions as a due to/due from or some other incorrect method of recognition. What many business owners fail to realize is those due to/due from will never get zeroed out and will go on forever. Many expenses are often shared between each entity – st...
Read more