Passed the North Carolina Unlimited Contractors Exam

[x743]

Hi all,
This last week I was fortunate enough to pass the North Carolina test with a 90% the first time. The test was hard enough that, when I hit the test done button with 5 minutes to spare, I fully planned on having to take it again in 3-6 months

I don?t plan on using it for at least a year or two, and then at that point maybe starting out real small. Fortunately I?ve been a General Foreman for many years so I have a fairly good idea of what goes into the accounting side of business.

My question is more for the guys running small shops and working out in the field.

Once you open your own shop I understand there are two things that go away. One is unemployment insurance and the other is workmen comp protection for the owner. I have no problem with no unemployment, I?ve made it this far without ever having to use it. Now that I have wife and kids not having insurance if I have an accident in the field scares me. What are you guys doing for this, or are you all thinking you?ll never make a mistake and get hurt?

Also if you have family members working for you has workmen comp been harder to deal with?

 

[ty]

You vare not required to have those benefits on yourself as a sole proprietor, but you can.

As far as the family member issue, that depends on different factors. What are their duties, how many hours a week will they work. A good CPA will let you know how to arrange that.

 

[hardworkingstiff]

I think you will find the WC premiums are higher than a private plan. Talk to an insurance agent about a private plan.

IMO, all insurance is a way to take money out of our pockets. Many people think they have coverage and when they go to use it find out that "oh, that's not covered under your policy". You really need to read read read all your policies and understand them.

If you're a gambler (like I am) you can also take the premiums you would have paid and invest them in dividend paying stocks (reinvesting the dividends) and use this as your insurance policy. You may be surprised as to how fast this fund will grow.

Congratulations on passing the NC exam. It's one of the more difficult ones around, and getting a 90 is very good, congrats!

 

[N844AA]

Hi all,
This last week I was fortunate enough to pass the North Carolina test with a 90% the first time.

Good fortune had nothing to do with it, you were smart. Congrats.

As far as workman's comp goes, I can only explain it as it works in California.

Workers comp exists to shield the employer from lawsuits brought by employees for injuries received at work. If an employee is injured, their only remedy is workers comp, by legal statute they cannot sue the employer (unless the owner has neglected to purchase workers comp). Since it is highly unlikely that as an owner of the business, you would sue yourself, the owner is not covered by workers comp.

Get health insurance to cover your own injuries.

 

[ceb58]

Hi all,
This last week I was fortunate enough to pass the North Carolina test with a 90% the first time. The test was hard enough that, when I hit the test done button with 5 minutes to spare, I fully planned on having to take it again in 3-6 months

I don?t plan on using it for at least a year or two, and then at that point maybe starting out real small. Fortunately I?ve been a General Foreman for many years so I have a fairly good idea of what goes into the accounting side of business.

My question is more for the guys running small shops and working out in the field.

Once you open your own shop I understand there are two things that go away. One is unemployment insurance and the other is workmen comp protection for the owner. I have no problem with no unemployment, I?ve made it this far without ever having to use it. Now that I have wife and kids not having insurance if I have an accident in the field scares me. What are you guys doing for this, or are you all thinking you?ll never make a mistake and get hurt?

Also if you have family members working for you has workmen comp been harder to deal with?

Congrats, on the test it's a tough one. Workers comp cost is out the roof if the owner is on the policy. As others have said buy your own insurance. You can buy at group rates if you belong to the NC elect. contractors association.

 

[x743]

Less then 48 hours and the questions are flooding in.

Facebook Question:
I have a circuit breaker that sparks and keeps tripping. It controls 3 sets of overhead lights and one outlet. Would you think that the breaker needs to be replaced or would it be something more?

I was sure the answer was 50% and then thought it could be 80%. Now I'm just confused.

So much responsibility I'm so not ready for it. To all that have sent me replies thank you, and keep them coming.

 

[kwired]

disability insurance for anyone in a construction related field is high, workman comp may be a way to get disability but you have to have the disabling injury while on the job, so if you hurt your self while skiing you better convince them you were servicing the ski lift.

 

[hardworkingstiff]

Facebook Question:
I have a circuit breaker that sparks and keeps tripping. It controls 3 sets of overhead lights and one outlet. Would you think that the breaker needs to be replaced or would it be something more?

IMO, yes and yes, but my answer would be "call an EC" followed by "I'm available for $$$$). :grin:

 

[ceb58]

IMO, yes and yes, but my answer would be "call an EC" followed by "I'm available for $$$$). :grin:

Kinda like having a bass boat. You can find plenty of people ready to go fishing but few to help with the gas.