Workers Compensation Overview
When you work on Wrapbook, Wrapbook acts as your employer or record. Wrapbook handles the following things for you:
- Automatically acts as the employer of record for W2 Employees and Loan-outs (1099s with EINs) against Wrapbook’s EIN and workers compensation insurance policy.
- Automatically acts as a payment processor for contractors (1099s with social security numbers) against client’s EIN and insurance policy.
For some customers, Wrapbook also acts as an insurance agent and can sell you an insurance policy for general liability, equipment rentals, and \ or for workers compensation for contractors.
This is the breakdown of the services Wrapbook provides by labor classification.
|Classification||Payment||Payroll and Workers Comp|
|W2 Employees||Via Wrapbook||Wrapbook’s EIN & Insurance Policy|
|Loan Outs (1099 with EIN)||Via Wrapbook||Wrapbook’s EIN & Insurance Policy|
|Contractors (1099 with SS# EIN)||Via Wrapbook||Client’s EIN & Insurance Policy|