Workers' Compensation Insurance
Protect Your Business and Employees with
Workers' Compensation Insurance
As a business owner, you know the importance of protecting your employees and business from the financial impact of work-related injuries. Workers’ compensation insurance from Insurance.Contractors provides coverage for medical expenses, lost wages, and other benefits for employees who are injured on the job. Our policies are customized to meet the unique needs of contractors and comply with state laws.
Work Comp FAQ's
If you are a sole proprietor with no employees, you may not be required to carry workers’ compensation insurance. However, if you work as a subcontractor for a larger company or are required to have workers’ compensation insurance by a general contractor or government entity, you may still need coverage. Contact us to learn more about your options.
General contractors, government entities, and other contractors may require you to have workers’ compensation insurance as a condition of doing business with you. This is because they want to ensure that all workers on the job site are covered in the event of an injury or illness.
If you pay your employees as independent contractors (1099), they are not considered employees for workers’ compensation purposes. However, if they are injured on the job, they may still be able to file a claim against your liability insurance policy. We recommend speaking with one of our insurance agents to determine the best coverage options for your business.
Yes, employers’ insurance, often referred to as workers’ compensation insurance, is a type of insurance that provides coverage for employees who are injured or become ill as a result of their work. Workers’ compensation insurance is designed to protect both employees and employers. It typically provides medical benefits and wage replacement for employees who are injured on the job, and in return, employees generally give up their right to sue their employer for negligence in most cases.
Workers’ compensation insurance is required in many jurisdictions to ensure that employees who are injured on the job receive appropriate medical care and compensation for lost wages without the need for lengthy legal proceedings. Employers typically purchase workers’ compensation insurance to comply with these legal requirements and provide for the well-being of their employees. The specific regulations and requirements for workers’ compensation insurance can vary by jurisdiction, so it’s essential for employers to understand and follow the laws and regulations in their area.
Understanding Workers' Compensation Insurance Premiums and Audits
Premiums for workers’ compensation insurance are based on several factors, including the type of work your employees do, the size of your payroll, and your claims history.
After your policy is in effect, your insurance company may conduct a workers’ compensation audit to verify your payroll and ensure that you are paying the correct premiums.
A workers’ compensation audit is a review of your payroll and other business records to ensure that you are paying the correct premiums for your workers’ compensation insurance policy. The audit is typically conducted annually by your insurance company, and the results may impact your premiums for the following year. It is important to keep accurate records to avoid any discrepancies or penalties.
Benefits of Workers' Compensation Insurance
Workers' compensation insurance provides several benefits to contractors, including:
- Legal protection: By carrying workers’ compensation insurance, you are protected from lawsuits filed by injured employees.
- Financial protection: Workers’ compensation insurance provides coverage for medical expenses, lost wages, and other benefits for injured employees. This can help protect your business from the financial impact of a work-related injury.
- Peace of mind: Knowing that your employees are covered in the event of a work-related injury can provide peace of mind and help to maintain a positive work environment.
- Compliance with state laws: Workers’ compensation insurance is often required by law, so carrying the appropriate coverage can help you avoid costly fines and penalties.
Premiums for workers’ compensation insurance are typically based on a rate per $100 of payroll. This rate varies depending on the type of work your employees do, as some jobs are considered more hazardous than others. Other factors that can impact your premium include your claims history, the size of your payroll, and any safety programs you have in place.
Get a Free Quote for Workers' Compensation Insurance
At Insurance.Contractors, we understand the unique needs of contractors and the importance of protecting your business and employees. Our experienced insurance agents are available to answer any questions you may have and provide you with a free quote for workers’ compensation insurance. Contact us today to learn more.