Workers Compensation Question

[Justin Sadauskas]

Hi guys,

We run a pretty decent sized Real Estate Investment company.  We had two W2 employees that we setup through Paychex and now we no longer have them.  The state has flagged our company saying that we need Workers Compensation Insurance and I said that we no longer had any employees.   Well,  I found out that you need Workers Compensation Insurance for 1099 contractors.   This was news to me.  

Can someone explain what we need to do to get compliant from this point forward?   We easily pay 50+ contractors a year.  

Satisfying the state seems like it will pretty easy.  However, my insurance agent said that once you open up a Workers Compensation policy the insurance company will audit you once a year and I can barely keep up on my work right now, I can't imagine how I'm gonna handle all the paperwork for them on an audit.  Also, are we going to need to call the insurance company every time we higher a new carpet cleaner or something?   My dream would be to just get a workers compensation umbrella policy and never thing about it again, are these a thing?   

All advice appreciated.  

Justin