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Workers’ Compensation for Construction

Every contractor in the construction profession knows the risks that come with the industry. Ranging from hazardous materials to illnesses to on-job-accidents, construction workers compensation insurance is of paramount importance.

A simple insurance policy will keep you away from costly lawsuits. Many construction companies have faced severe financial repercussions by failing to get insurance covers for their employees. Sometimes some companies fail to recover.

This leads you to ask:, what should you do to mitigate this problem?

Whether you are large or small construction company owner, construction workers’ compensation insurance is the only solution.

Why is Insurance Coverage Important?

Sometimes constructions equipment can malfunction and lead to accidents. At other moments, workers may be exposed to hazardous material such as asbestos during the discharge of their duties.

When most of the employees get involved in workplace accidents, the first step they take is to contact an attorney of law. The lawyer will value the claim and invoice it to your company.

Failure to agree to claim settlements, they will file a lawsuit. To mitigate this problem, an insurance policy comes in handy. In fact, if you have insured your workers, then they have to deal with the insurance company.

With that in mind, construction workers’ compensation insurance covers:

  • Medical expenses

  • Lost income or wages

  • Rehabilitation costs

  • Death benefits

Factors affecting the rate of the premium

When going for workers’ comp for construction, many factors come into play. Your premium will always vary depending on the nature of construction work. For instance, employees working on skyscrapers will attract more premium rates than those working on road construction.

Additionally, if the employees are using power tools or are involved with hazardous chemicals, then the policies will attract more charges.

Age and experience is another crucial factor that insurance company consider. Young and inexperienced workers are more likely to get involved in accidents as compared to their older counterparts. Additionally, younger workers are eligible to higher claim than older.

How does it affect your Business?

The US government mandates every construction worker to be insured. The law varies from one state to another, therefore, you should always familiarize with the laws of your state. In some states, they will consider the number of employees you have in your company. Always check the minimum number that makes it mandatory.

As we mentioned earlier a claim can have severe financial repercussion on your business. Sometimes if a business is a sole proprietorship or partnership, you might be exempted from this undertaking. However, always remember in case of any worker’s injury, you will have to settle the claim from your pocket.

That is why contacting professionals like Strong Tie Insurance, is a step towards the right direction, as we can provide your business with valuable information and advice.

Contact us today

Are you looking for the best deal in premiums for your construction workers policies? We specialize in providing information by giving a wide array of options to choose from.

Our unparalleled commitment to ensuring you get the best deal is unmatchable. Contact us now and let us discuss your requirements and the coverage program you need