Do I have to carry workers' comp insurance for 1099 vendors?

Most insurance companies will require that you provide worker's comp insurance for anybody you issued a 1099 for, unless you have a certificate of insurance from them showing they had their own coverage. Since policies are not required for...

More Information: Employee vs. Subcontractor: What’s the Difference & Why You Should Care

Tagged With: 1099 Subcontractors,  Workers' Compensation Insurance

How do I track subcontractor payments in Quickbooks?

You should enter their bills or payments as multiple line items, using separate expense accounts for materials and labor. At the end of the year it is theoretically possible to print 1099's right out of Quickbooks, but in actual practice, it...

Tagged With: 1099 Subcontractors,  Liability Insurance,  Quickbooks,  Workers' Compensation Insurance

How many hours does someone need to work before I have to have workers comp insurance?

As soon as you have ANY employees, for ANY number of hours, you are required to have workers compensation insurance. The first quarter after you have any payroll, you will also be required to pay SUTA (Massachusetts Unemployment Tax). The only...

Tagged With: General Business,  SUTA,  Workers' Compensation Insurance

SIC (Standard Industrial Classification) Codes

SIC (standard industrial classification) codes are often used by insurance companies to set rates for businesses; classifications are used to determine risk. Your SIC code will affect your liability and workers comp rates, and may also affect...

Tagged With: General Business,  Health Insurance,  Liability Insurance,  Workers' Compensation Insurance

What are the rates for different workers' comp classifications?

The Massachusetts Association of Insurance Agents has general information on rates and classifications on their website. If you think...

More Information: What's the Real Cost of an Employee?,  Massachusetts Association of Insurance Agents

Tagged With: Employees,  General Business,  Workers' Compensation Insurance

What does an Employee REALLY Cost?

Even VERY part-time employees, with no paid breaks or other paid time off or any benefits, will cost substantially more than their hourly rate. Initially, there is the cost of hiring and training, which, depending on turn-over, can be quite high for...

More Information: What's the Real Cost of an Employee?

Tagged With: 1099 Subcontractors,  Employees,  FUTA,  General Business,  Health Insurance,  SUTA,  Workers' Compensation Insurance

Where do I find information on workers' compensation insurance?

The mass.gov website has lots of information. Start at their workers' comp FAQ's page. You might also try the Worker's Compensation Rating and Inspection Bureau...

More Information: Worker's Compensation Rating and Inspection Bureau,  Mass.gov Workers Comp FAQs,  Worker's Compensation Rating and Inspection Bureau

Tagged With: Employees,  General Business,  Workers' Compensation Insurance