Mike Andes talks to small business owners about workers comp insurance eating them alive. One owner has $1,000 in the bank and five months left on a $15,000 payment plan. They're terrified the next bill will shut them down.
About $15,000.
Five months.
$1,000.
They basically probably audited you and like, hey, you got. You guys owe us workers comp. For like all this payroll.
Just on the past month, we paid around 15,000 just on insurance.
15,000.
I put all my money in on the. To the down payment on the insurance.
How much longer do you have to pay on that?
Five more months on that.
I only have $1,000 in my bank account. And I was like, oh, man, the next month, if I don't can't pay it, I'm not going to be in business anymore.
Four of you all being owners. You don't have to do workers comp. I'd get rid of it. Just 1,099 every single person. And they are not employees. They do not wear top dog stuff.
