From the CPA perspective…
Here are the Top 3 lessons we learned today in the CPA MOMS weekly team training call delivered by ADP about helping entrepreneurial clients gain more insight around Worker's Comp insurance:
1. US Dept of Labor statistic – average of 26 individuals die on the job each day, and every 5 seconds a worker is injured. Wow! As a CPA, I guess counting beans isn't so bad after all!
2. There are multiple ways to purchase worker's comp insurance. What we recommend as CPAs, is for our clients to call ADP or an insurance broker who can shop the policies and get better terms every year. We like ADP's pay-by-pay program that helps manage cashflow and alleviate premium collection issues. It is worth the time to get a free quote. One client saved $5k in worker's comp insurance in one year.
3. Worker's comp insurance is mandatory in all states except Texas. Yeehaw! Let's all move to Texas. The policy must be in place when you hire your first employee (even if they are only part-time). Even though it isn't mandatory in Texas, we recommend all employers carry worker's comp insurance…see #1 above.
We are excited for the next training, Tuesday, October 18, 2011 at 9-10am PST where we get learn more about helping our clients get the RIGHT corporate structure to maximize tax savings and to ensure legal protection from an experienced tax CPA who is also an attorney. He wrote the book "Lawyers are Liars." You don't want to miss it. If you want more information about our team trainings designed for accounting professionals, please visit us at: http://www.cpa-moms.com/find-a-client.