Construction is among the most dangerous industries in the country, and that’s why you need quality Workers Compensation insurance advice. Powerful equipment, unfinished structures and other hazards can cause injury and death. Mistakes happen, unfortunately. Moreover, it’s stressful to think about, but less so if you’re prepared. So, are you? You do your best to ensure safety, but few employers need good insurance as much as contractors. As such, in 2018 alone, construction laborers filed almost 22,000 Workers Comp claims.
Your business is safer if you know how it works. Let’s look at some of our favorite pieces of Workers Compensation insurance advice.
1. Know How It Works In Your Area
Workers Compensation is required by law, but state-specific. Many states follow rules set by the National Council on Compensation Insurance. Furthermore, this is a non-profit organization made to standardize insurance practices. Connecticut is an NCCI state, but cross the border into Massachusetts and your coverage has to match their independent rating regulations.
Even within NCCI, there are variations. For instance, Missouri requires Workers Comp for most businesses with 5 or more workers. But all construction companies must carry it.
It’s tricky. But you can get some reassurance and Workers Compensation Insurance advice with professionals like ours at Farmer Brown. Moreover, we’re licensed in all 50 states and know exactly what’s needed, where.
2. Find Out What Isn’t Covered
Some injuries aren’t within the scope of Workers Comp. Your employee will not be able to claim if they:
- Violate company policy
- Aren’t working when the event happens
- Inflict the injury on themselves
- Get injured while committing a crime
Clear knowledge of your exclusions helps you deal with each situation effectively without any confusion. Therefore, make sure to double-check your own policy and state regulations.
3. Stay Aware Of What’s Covered
Workers Comp pays towards lost wages or medical bills if employees get sick or hurt on a job. A policy lasts for 12 months and payroll is the basis for your projected premium. Seems straightforward enough. But you may notice, for example, that payroll is exceeding your predictions as the year goes on. That’s fine – so long as you stay on top of it.
A reliable agent like Farmer Brown will help you with any adjustments you need to make. Don’t worry if you’re unsure of all the details. Furthermore, we provide the top Workers Compensation insurance advice for all scenarios.
Covering All Your Bases
The fact remains: risk is high in contracting. Workers Comp isn’t all you’ll need.
The other really essential policies are:
- Builder’s Risk, which covers the value of the building and property against non-liable damages like wind, fire and theft.
- General Liability, protecting you from losses including medical and legal fees, where your company is responsible.
- Commercial Auto, which extends liability coverage to any vehicles your company uses.
Well Considered Insurance Across The Board Is Vital For Contractors
Farmer Brown doesn’t just provide the best Workers Compensation insurance advice. We can assist you in setting up every type of policy your business needs. We focus exclusively on Contractors Insurance and have the knowledge and market access a local company can’t offer.