Handling power tools all day is risky business, but Carpenters Workers Compensation protects your staff in the event of a job-related injury.
Are you searching for affordable Carpenters Workers Compensation?
Anytime you head to a worksite, you put your life on the line. Anyone who uses power tools knows the risks involved. One slip of the hand, and you could lose a finger. And falling from a second-story ladder is no walk in the park
It’s no wonder why so many carpenters get hurt at work each year. But the right Carpenters Workers Compensation will ensure your employees get the medical care they need without bankrupting your business.
Buying handyman insurance isn’t always easy, however. Many insurers want to charge an arm and a leg for coverage. Others may refuse your application altogether.
Here at Coastal Work Comp Brokers, we want to change how you shop for workers’ comp coverage. Unlike other companies, we know how to find the right plan for businesses in any industry.
We specialize in all types of high-risk, high-mod industries, including carpentry. Our goal is to match you with the policy you need at a fair price.
Entering a worksite without proper insurance coverage is like playing a game of Russian roulette. Carpenters Workers Compensation get hurt all the time. Even a seemingly small accident can have lasting effects. Finding the right insurance is a must to protect both your business and your employees.
Any company that hires employees needs to purchase a workers’ compensation policy. Workers’ comp covers anyone on the payroll. It doesn’t matter if they work full-time or part-time.
This sort of protections pays for any bills that will emerge due to an on-the-job-injury. Without scope, your company would be obligated to cover these costs. However, a workers’ comp plan does not cover independent contractors.
These Carpenters Workers Compensation need to seek out general liability coverage. Always make sure your self-employed workers have a contractors insurance policy before heading out into the field. If an uninsured carpenter gets hurt, they could sue your company for damages.
No matter the type of business you own, all Carpenters Workers Compensation companies base your premiums off a generic formula. It is:
CLASS CODE RATES (X) EMPLOYER PAYROLL (X) EXPERIENCE MODIFICATION RATE (=) PREMIUM
Every job has a class code rating designated by the National Council on Compensation Insurance. These 4-digit codes specify the type of work performed by employees. Many carpentry businesses fall under the class code 5503 – Carpentry NOC (not otherwise classified).
Your payroll also directly affects your premiums. For each $100 of payroll, you pay a set rate determined by the class codes. It’s essential to ensure you include every class code which applies to your line of work.
Insurers determine your experience modification rate based on your claims history. It’s like a credit score for your business. You start with a rating of 1, but the number increases with each on-the-job accident.
Premiums for carpentry businesses tend to be high. Carpentry accidents occur more frequently than in other industries. Working around hammers, nail guns, saws, sanders, welders, and ladders can be dangerous.
Proper training and safety protocols may reduce the likelihood of an accident. But even the most skilled Carpenters Workers Compensation sustain injuries on occasion.
Here are some of the most frequently reported carpentry injuries:
Most of these wounds require a trip to the crisis room, and a few may moreover require long-term care. Workers’ comp immediately pays for all medical bills following a work-related accident.
Depending on the extent of the injury, the policy will also cover rehabilitation services, time off work, or disability. In the worse case scenarios, insurance will pay for any funeral expenses.
Insurance companies don’t like to lose money. If an insurer only offers building contractor insurance to high-risk companies, they could end up paying out more than they make. For this reason, Carpenters Workers Compensation often pay higher rates for coverage than “safer” industries.
You don’t want to overpay for residential Carpenters Workers Compensation, and your insurance company doesn’t want to lose money. That’s why your policy requires an audit each year to verify your estimated payroll.
Some states even mandate this annual audit by law. The audit ensures the amount of coverage you get matches the premium you pay.
If you knowingly—or unknowingly—provide false information, you could receive a penalty. Underreporting, incorrect class codes, and mislabeling workers can all lead to costly fines.
When the time comes to buy a workers’ comp plan, it’s best to shop around for the lowest premiums. Be aware, however—obtaining coverage from a private Carpenters Workers Compensation company isn’t always easy.
Although private insurers tend to offer more competitive prices, they don’t have to insure your company. If they feel the risk is too high, they may deny your application.
Even if a private company turns you away, it’s always possible to obtain insurance through the State Fund. The law requires the state to supply scope to all businesses—even those with a less-than-ideal claims history. In case you go this course, anticipate to pay higher premiums.
Carpentry businesses can also work with a professional employer organization (PEO) to obtain coverage.
At Coastal Work Comp Brokers, we make it easy for all high-risk, high-mod companies to find a policy that won’t break the budget. And in many instances, we can lower your current premiums by 30-40 percent.
When you choose Coastal Work Comp Brokers, you can rest assured we’ll match you with the best policy for your carpentry business. We’ll pre-qualify you for Carpenters Workers Compensation coverage and shop around until we find a plan that meets your business’s unique needs. Let us simplify the insurance buying process.
Although carrying workers’ compensation is a must for carpentry businesses, you don’t want to go broke in the process. Since Carpenters Workers Compensation are more prone to work-related accidents, high premiums are standard.
We don’t believe you should have to pay exorbitant rates to get great coverage. We’ve already helped thousands of small- and medium-sized businesses lower their premiums. Imagine what you could do with a 30-40% savings!
Our brokers will help you find the most affordable plan. We specialize in all types of niche industries, including high-risk, high-mod, and multi-state risk. New ventures are also welcome.
Our pay-as-you-go plans make it conceivable to induce the scope you wish at a cost you’ll be able bear. Best of all, we will offer assistance your trade maintain a strategic distance from the yearly review.
Call 1800-411-0733 for expert help in finding the best workers compensation plan for your business.
