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What is a workers compensation ghost policy?

Anyone who has ever owned or owns a business knows the importance of workers comp insurance. Some of the most common questions we get asked when giving quotes on workers compensation insurance is what is the cheapest way to insure my business. Some of the most common types of businesses who are required before getting work to provide proof of workers compensation insurance is general contractors, handyman service, and landscaping. Most of these business consist of the owner being the only employee in most cases. The way to provide proof of workers comp if this is the case is to purchase something known in the insurance world as a ghost policy. Basically you are insuring your business for workers compensation and showing you the owner as an excluded risk. Meaning that you have workers compensation insurance but it does not cover you as the owner. In the future when you do hire employees you can add them on to the policy and they will be rated at what the premium is based on for the risk being insured. In South Carolina the cost of a ghost workers compensation policy is $1250.00 per year this cannot be financed or broke into payments. So the next time you are on a jobsite and are worried about not getting the job due to workers compensation insurance give us a call and we can help.