Qualified Remodeler Magazine

AUG 2016

Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.

Issue link: https://qualifiedremodeler.epubxp.com/i/715119

Contents of this Issue


Page 24 of 99

Workers' compensation and general lia- bility policies are related, but Messier says they each have a number of exclusions. When both policies are together, however, they fit together like a zipper. "General liability cov- ers bodily injury and property damage that is the result of your work, but will not cover bodily injury to employees or subcontrac- tors," he explains. "For example, if a neighbor comes over, trips on a ladder and breaks his leg, the general liability policy will respond. But if an employee does the same thing, gen- eral liability will not respond and workers' comp will respond." To view the contact information for your state workers' compensation official, visit: dol.gov/owcp/dfec/regs/compliance/ wc.htm. | Every state does an experience modifica- tion rate (EMR) calculation on each employer. is number gauges the past cost of injuries and future chances of risk. e lower the EMR, the lower workers' comp insurance pre- miums will be. With workers' compensation, a company purchases whatever the statutory limits of the state dictate they must. "If I'm working in multiple states, then my policy has a rate for each state but it's statutory," Messier explains. "It's whatever the law says I have to cover. at's what we'd cover." is purchas- ing is in contrast to general liability, where a contractor purchases a set amount — whether it be a half million dollars or $2 million. Messier himself is involved with the National Association of the Remodeling Industry and has been an officer of the Builders Association of Greater Boston. ere have been times, Messier says, when his firm can save a client up to 30 to 50 percent on their policies compared to the policies they had with an insurance agent who didn't understand the business and how to take advantage of the rules. BE SURE to factor workers' compensation into budgets; as with other specifics, the cost varies per state. Messier says the rate in Massachusetts generally represents approxi- mately 8 percent of payroll whereas its north- ern neighbor, New Hampshire, can have rates as much as 24 percent of the payroll. ere are ways to reduce rates, however. "Safety programs are huge and can lower rates," Messier explains. "I have clients getting credits of 15 or 18 percent because they've been loss-free for several years. Being loss-free can save you a significant amount of money. Conversely, if you have losses, that will increase your rate. It can be a huge savings or debit in both directions." If I'm working in multiple states, then my policy has a rate for each state but it's statutory. QR QR has teamed up with NARI to create a convenient way to earn credits toward your recertification. After reading this issue's article, take the test for CEUs at QualifiedRemodeler.com/10441422. © 2 0 1 6 Delta Faucet Company We make the difference for remodelers. Your client wants an organic look in the bath. We've got a natural solution. Inspired by forms found in nature, the soft, modern style of the new Delta ® Tesla ® Bath Collection elevates bathroom renovations and delights clients, with a full product suite that includes a freestanding tub fi ller, and single-handle and vessel lavatory faucets with hands-free Touch 2 O .xt ® Technology. Learn more about our innovative technologies, styles and support at DeltaFaucet.com/Pro For more info circle 64

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