[grinch]

ah....but thats just what happened. as the v/p of a touring series i was invited to the reno work shop........as a lifelong racer i didn`t like what i heard. but this post questions how much the promotor pays for insurance.

[sc96]

This is the very reason you run your race team as a business. You put all the team assets in your personal name then lease them to the race team for a fee, You then hire all persons including the driver as contract labor and buy a workers comp policy. This all sounds expensive but its not when you look at what can happen. This also protects your personal property from being attached in a court of law. We then also carry a general liability insurance just in case a spectator gets hurt by one of our cars or a part of our car. In all this cost us around 2500.00 per year. cheap when you look at what life long care and emergency care cost . I had my company attorney set all this up for us a one time fee of 1000.00. This included the Limited Liability Company setup.

[racerfanx2]

Originally Posted by grinch ah....but thats just what happened. as the v/p of a touring series i was invited to the reno work shop........as a lifelong racer i didn`t like what i heard. but this post questions how much the promotor pays for insurance.

Wouldn't the important thing not be what a promotor pays for insurance but what the coverage consists of?

Julie

[badgerfan]

Originally Posted by sc96 This is the very reason you run your race team as a business. You put all the team assets in your personal name then lease them to the race team for a fee, You then hire all persons including the driver as contract labor and buy a workers comp policy. This all sounds expensive but its not when you look at what can happen. This also protects your personal property from being attached in a court of law. We then also carry a general liability insurance just in case a spectator gets hurt by one of our cars or a part of our car. In all this cost us around 2500.00 per year. cheap when you look at what life long care and emergency care cost . I had my company attorney set all this up for us a one time fee of 1000.00. This included the Limited Liability Company setup.

Sounds like great advice but do you now have to pay witholding on the driver and the crew?

[sc96]

Originally Posted by badgerfan Sounds like great advice but do you now have to pay witholding on the driver and the crew?

The driver and help are contract labor so no I do not pay withholding on them.

[Ovalmeister]

Originally Posted by sc96 The driver and help are contract labor so no I do not pay withholding on them.

That reminds me....you owe me a dollar. Happy 2009! :rolling
David.

[sprinter25]

Originally Posted by grinch ah....but thats just what happened. as the v/p of a touring series i was invited to the reno work shop........as a lifelong racer i didn`t like what i heard. but this post questions how much the promotor pays for insurance.

But as the V/P pf a touring series, you had a legitimate reason to either ask the promoters what insurance they had in place(to insure that your racers' were covered) or call and insurer like K&K to get a rough quote.....

I'm sure each track/promoter pays a different rate based on track size, safety features(guard rails or no guard rails, as an example), class(es) of cars competing, fan safety/security...among many things...

[sc96]

Originally Posted by Ovalmeister That reminds me....you owe me a dollar. Happy 2009! :rolling David.

The check is in the mail .

[cecil98]

Stida was something we "thought" about last season. This season it's a "must buy". We'll be calling you before Lawrenceburg opens.

Your post is an eye opener Curt.