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Demystifying Workers' Compensation for Your Painting Business

December 22, 20231 min read

December 22, 2023

Season 1, Episode 30

Description:

Are you sleepless over the intricate world of workers' compensation for your painting business? This episode, featuring Angie Gordon, advisor at Bookkeeping for Painters, promises to shed light on this daunting yet critical aspect of your business. Our conversation unravels the fundamentals of workers' compensation, its costs, and the distinction between its application to your employees and subcontractors. We underline the necessity of obtaining insurance certificates for your subcontractors to shield your venture from unforeseen expenses.

But that's not all. Angie and I venture further into the nitty-gritty of accurately reporting your payroll and having the essential documents in place. We share pragmatic ways to prevent mishaps on the job site and the most effective practices to manage claims should an employee sustain an injury. Angie effortlessly breaks down the concept of a workers' compensation audit - an intimidating term, but a customary procedure for businesses with workers' compensation. As we wrap up, we delve into a comprehensive discussion on how to gear up for such audits and secure a seamless process. So, buckle up for a treasure trove of knowledge on workers' compensation that will empower you to steer this facet of your business with newfound confidence.

Subscribe to the Profitable Painter Podcast

bookkeeping for paintersWorkers Compensation Painting Business Owners
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Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

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blog image

Demystifying Workers' Compensation for Your Painting Business

December 22, 20231 min read

December 22, 2023

Season 1, Episode 30

Description:

Are you sleepless over the intricate world of workers' compensation for your painting business? This episode, featuring Angie Gordon, advisor at Bookkeeping for Painters, promises to shed light on this daunting yet critical aspect of your business. Our conversation unravels the fundamentals of workers' compensation, its costs, and the distinction between its application to your employees and subcontractors. We underline the necessity of obtaining insurance certificates for your subcontractors to shield your venture from unforeseen expenses.

But that's not all. Angie and I venture further into the nitty-gritty of accurately reporting your payroll and having the essential documents in place. We share pragmatic ways to prevent mishaps on the job site and the most effective practices to manage claims should an employee sustain an injury. Angie effortlessly breaks down the concept of a workers' compensation audit - an intimidating term, but a customary procedure for businesses with workers' compensation. As we wrap up, we delve into a comprehensive discussion on how to gear up for such audits and secure a seamless process. So, buckle up for a treasure trove of knowledge on workers' compensation that will empower you to steer this facet of your business with newfound confidence.

Subscribe to the Profitable Painter Podcast

bookkeeping for paintersWorkers Compensation Painting Business Owners
blog author image

Daniel Honan

Daniel Honan is a former painting business owner and military intelligence officer with an MBA and a degree in Accounting. He's been in your shoes. Everything from cold calling for estimates, in-home consults, managing crews, to running payroll. With his accounting, intel, and painting industry experience, he's put together a back-office system to help painting contractors crush it by helping them know their numbers and what they mean, save big in taxes, and streamline and automate their processes to save time and money.

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