I Got Audited and Fined $100,000

One day i received a letter in the mail requesting an audit for my workers comp. Didn't think anything of it. i was ready! Couple months later i received an invoice saying i owed them 95k. LOL

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[frederickgreenfield]

Probably didn’t help having the Ducktails swimming in money picture on the wall 😂 Happens to the best of us T! Take it on the chin and move on

[beatrizbuford]

Thank you for allowing us to see the vulnerable side of being a business owner and learn from your experience. Appreciate your insights!

[garageworker]

Did you consult a lawyer? 100K is lemme call my lawyer for a second opinion territory.

[harryknuckles]

You’re a good guy, whatever you loss you’ll get back 10 fold. Trust 💯

[ricepadi]

That’s why if you can replace a worker with a machine it is a no brainer. Sounds like their sales agent didn’t do a good job keeping your numbers updated as you grew.

[jennieanddavis]

Thank you for sharing, T. We’ll avoid this mistake thanks to you. Appreciate the shortcut 😉 Your growth mindset and level of personal responsibility are rare!

[NotSureJoeBauers]

I'm a free market guy but it's nice that my province has monopoly on workers comp and automotive insurance. It's about 3.5% for gardeners, up to 7% for higher risk occupations. A company I used to work for would split our checks between "gardening" and "construction" to save on the rate

[MrPhatties]

Absolutely love how transparent Tigran is about everything. I know a few lawyers and consultants that would have had a field day with this one and if nothing else would have cost them at least what they collected.

[eddieeddie]

They always go for the small guys, that’s the real problem

[knowbloc]

yo Tigran first off much respect for being transparent enough to share this with us so we can keep a closer eye on our paperwork and learn from you. Seems like you are handling this much better than most. Stay strong homie. Also don’t be afraid of your facial hair my friend ik shaving is professional but you’re clean cut enough to rock it professionally ✊🏽✊🏽

[rontopping]

20 % that's crazy, I would take them to court

[maxbarajas]

Wow, This just happened to me around 5 months ago. Got hit with a $23000.00 Bill from STATE FUND as well. I will look for another insurance company. Scammers!

[jesserousseau]

I absolutely love watching you!! Just a reg guy like us. Love that makes me feel better about myself

[DavidOldenburg]

Laughing..."maybe they will owe me money, maybe I will owe them money"...from my experience...they never owe you money...if so, they will re run the numbers until you owe them. Welcome to the group!

[davidboreham]

Based on the doc you showed, you weren't _fined_, but rather they assessed premium owed as $95k more than you'd paid. A fine would be like "we want more money than you owe us, because you lied to us or didn't file in time or something". This was just "look, we charge based on the size of your payroll and the kind of work employees do, and here's the correct price based on the actual payroll numbers". Whoever is doing your payroll should have been aware that significantly higher payroll than WC were notified of would incur additional premium.

[mslee]

We use Gusto in my Landscape business. It's fantastic they only partner with the best providers for insurance etc. We have a payment plan set up to were we only pay what is owed per pay period. Another words we aren't blindsided at the end of the year with a huge bill.

[actionhiro]

Thanks for making this Video.
Depending on the category of work. Workman Compensation is usually under 2% in Canada.
It's government run . I am glad private insurance companies aren't involved in our system.
It's definitely a ripoff in California

[CoastConcreteCorp]

In NYC you can’t have a business license without valid workman’s comp and general liability.

[atrocitiesuponcities]

Amigoo!! Thanks I'm going to start filling up the mattress for this one.

[robertgentile]

Hey Tigran, you’re making good sense with qualifying your customers first and giving them a heads up on pricing.

I’m running same type of business in Montréal and I’m doing that as well...Also around $18-20/Sqft, and some homeowners just don’t get it! So we just keep on pushing forward looking for more reasonable ones...