A Nevada contractor wants to increase their license limit from $500,000 to $1,500,000. Calculate the additional net worth required:
Correct Answer
B) $25,000
Moving from Class B ($500K limit requiring $25K net worth) to Class A ($1.5M limit requiring $50K net worth) requires an additional $25,000 in net worth.
Why This Is the Correct Answer
Moving from Class B ($500K limit requiring $25K net worth) to Class A ($1.5M limit requiring $50K net worth) requires an additional $25,000 in net worth.
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A contractor's workers' compensation premium is $8,400 annually. If they qualify for a 15% safety discount, what is their adjusted premium?
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A Nevada contractor's employee is injured on the job, resulting in $75,000 in medical expenses and $45,000 in lost wages. The contractor failed to carry workers' compensation insurance. What is the potential penalty under Nevada law?