Posted: 5/16/2005 2:31:10 PM EDT
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I'll be opening a business in a year or so, and Texas does not require me to provide Workmen's Comp Insurance. Business will be a small, family run thing - will try to generate enough income so I don't have to put up with the all assholes I'm now surrounded by. I'd like to hear from folks their experiences with WC - whether as an employer or employee. My only WC experience: I got knocked off a ladder last year, and had to go get a UDS and examined by a doc. Had to get meds from the pharmacy - which I didn't want or take. I just wanted to stay home for a day as my leg was a little sore. Whole thing seemed like a huge waste of $$. Thanks. |
| IIRC, you do not have to carry WC on your employees in Texas, but if you don't, you loose your common law defenses(?) and that makes it much easier for your employees to demonstate that you were negligent if/when they file a lawsuit. So, if your company has assets you cannot shield and your biz is not large enough to fund a true self insured plan, it is probably a good idea to carry WC coverage. |
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WC is a big ripoff. Crooked lawyers, crooked insurance cos, crooked MDs and most of all.......crooked employees. That said, it is how the game is played and a part of overhead. I would imagine your premiums would only be a couple hundred a year or so. Get it and drive on. Welcome to the world of the self-employed and small biz owner. 
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SSS...... Just kidding! You never know how stupid people can be until you hire folks to do a job. You MIGHT get away with not having workers comp. ins. for a while when starting out but in the long run it's not IF you have a claim it's when. If you wanna roll the dice to start & take your chances you may be ok. In the long run the protection racket is a valuable tool to limit your liability. |
Here in CO a truck driver's costs about $200-$250 per month. An officer of a company can exempt himself from the mandatory worker's comp requirement. I do, because I have health insurance elsewhere and I am an "office worker". A friend owns a trucking company and his ONLY coverage is worker's comp. For $200 a month he surely did not exclude himself, because any injury he gets will most likely be on the job, and he has no other backup insurance. |
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Thanks for the info, guys. HAHA! I like this post:
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