Great workman’s compensation coverage doesn’t have to break the bank. Coastal Work Comp Brokers serves all high-risk industries and can help you save 30-40% on your premiums.
Did you know that nearly one-quarter of small businesses don’t have workman’s compensation? This number should frighten workers. Not only does this coverage protect both employees and employers, but it’s also the law in most states.
Work-related accidents happen all the time, and without insurance, medical bills just pile up. Some injuries may prevent an employee from working for a few weeks, while others may leave them disabled for life.
Coastal Work Comp Brokers understands that not all accidents are preventable. Even the most skilled employees may find themselves in a compromising situation. That’s why we believe every company should be able to purchase affordable workers’ comp coverage.
We specialize in finding plans for high-risk, high-mod industries. And you never have to worry about price gouging here.
We offer pay-as-you-go plans that can help reduce your premiums by 30-40 percent.
The Value of Workers’ Compensation Coverage
Workers’ compensation is a specialized form of insurance that pays out whenever an employee gets hurt. Most states require employers to carry workers’ comp coverage.
However, some business owners find it’s tricky to purchase an affordable policy. Not only is operating without coverage against the law in most areas, but it’s also not a smart move.
On-the-job accidents are expensive. Without workers’ comp insurance, employees must pay for their own medical bills after an injury. In many cases, these workers end up suing their employer for damages.
If the worker can prove they sustained the injury at work, the owner is liable. These costly lawsuits can even force a company to go out of business.
Workers’ comp kicks in as soon as an employee gets hurt. The policy will cover all medical bills relating to the accident. These bills may include hospital stays, rehabilitation, or medication. The plan will also pay for any lost wages, disability, or funeral expenses.
Having coverage will ensure your injured employee can focus on their recovery without worrying about money.
How Much Does Workers’ Compensation Cost?
Many factors play into figuring out much you’ll pay for workers’ compensation. The amount you owe may change each year, depending on the nature of your work and the number of people you employ. Even your past claims history comes into play.
Every insurance company relies on the same numbers and formula to calculate your premiums.:
Class Code (X) Employer Payroll (X) Experience Modification Rate (=) Premium
Employers often cite high prices as the reason they don’t have a workers’ compensation policy. While it’s true that insurance can get expensive, any business can find a more affordable option.
Private insurers, for instance, offer competitive rates, but they are less likely to work with high-risk industries. Insurance companies want to turn a profit. If the insurer thinks you’ll make too many claims, they’ll turn you away.
State Fund plans, on the other hand, must provide coverage to those who cannot obtain it otherwise. The government covers the most at-risk companies, including those with lapses or non-renewals on record. However, these policies usually come with extremely high premiums.
We do things a bit differently at Coastal Work Comp Brokers. Our team believes that every company should be able to buy cost-effective insurance.
Even if private insurance companies have turned you down, we can still find you excellent coverage. And our rates are the best on the market.
What sets us apart at Coastal Work Comp Brokers is our willingness to work with all high-risk industries. We have helped thousands of small- and medium-sized businesses lower their insurance premiums.
Best of all, our pay-as-you-go plans will even help you avoid the annual insurance audit.
Some of the industries we serve include:
Roofing injuries happen all the time. Even the most skilled roofers can hurt themselves at work. In the blink of an eye, a roofer can lose their footing or fall off a ladder. Broken bones, strained muscles, head injuries, and even death are all commonly reported injuries. It’s no surprise that roofing is one of the most dangerous jobs in the United States.
Roofing companies should carry workers’ compensation insurance to protect their employees. Coverage will pay for all lost wages and medical bills, and it will also protect business owners from a costly lawsuit.
Construction workers enter dangerous worksites all the time. Over 20 percent of work-related fatalities happen in the construction industry. And nonfatal accidents may leave an employee disable and unable to return to work. Wobbly scaffolding, falling debris, bare wires, and heavy-duty machinery increase the risk of injury.
There are hazards in all sectors of the industry. One misstep could land a worker in the hospital, and medical bills add up quickly. Workers’ comp insurance is a must to protect both construction workers and their employers.
Cleaning up after others isn’t without risk. It’s not uncommon for janitors to injure themselves or fall ill on the job. Workers encounter a wide range of viruses, bacteria, and mold spores on a daily basis. These pathogens can cause serious disease.
Janitors can also slip or fall while working on wet surfaces. Some go on to develop repetitive motion injuries. Even the fumes from cleaning chemicals can irritate or damage a worker’s lungs. Janitorial companies should buy a workers’ comp policy to cover all their employees.
Staffing agencies offer a unique service. They place temporary workers into positions with other companies across many different sectors. These workers remain employees of the staffing agency, and it’s the agency’s responsibility to provide workers’ comp. But finding coverage isn’t always easy.
Staffing firms often need to carry numerous class codes on their policy. Every new account and job should have a different class code. Because of this, insurance companies list this industry as high-risk. Pay-as-you-go plans are usually the most affordable option for staffing agencies.
Home health care workers make it possible for patients to receive care from the comfort of their own home. However, being a home caregiver, nurse, or therapist isn’t without risk. These essential workers put themselves in harm’s way each day. Lifting patients, handling sharps, or even driving to the next location may lead to an on-the-job accident.
Strained muscles, puncture wounds, and fractures are some of the most commonly reported injuries. Workers’ comp is the only way to protect your home health employees after a work-related incident.
Hotels and motels have a wide variety of employees performing different tasks. Housekeepers, front desk staff, and restaurant workers are just a few of the positions, and each job comes with its own set of risks.
Housekeepers may slip while mopping the bathroom or throw out their back when lifting a heavy mattress. Restaurant employees in hotels work with sharp knives and hot surfaces. Even those manning the front desk may develop a repetitive motion injury. Carrying workers’ comp to cover every job description is a must for hotel owners.
Work-related injuries are common in the restaurant industry. Cooks operate commercial-grade equipment and use sharp tools. Waiters often carry heavy loads while navigating through tight spaces. Slips, falls, burns, sprains, and cuts are just a sampling of the injuries reported to employers each year.
While many of these injuries are minor, the bills for medical treatment or lost wages add up quickly. Restaurant owners need a current workers’ compensation plan to cover any employee who has an on-the-job injury.
There are several job descriptions in the cannabis industry. Employers hire growers, lab technicians, distributors, and retail staff to run their businesses. However, each position comes with its own risks.
Pesticide exposure may cause a grower to fall ill. Lab workers may injure themselves while working with chemicals or scientific equipment. Distributors may get hurt while transporting products. Retail workers often deal with strains or repetitive motion injuries.
Cannabis business owners need to secure workers’ comp to protect their employees in this high-risk industry.
The trucking and towing industries aren’t immune from on-the-job accidents. Even the most talented trucking workers put their lives at risk against reckless drivers on the road. These accidents can cause serious injuries or even death.
Fatality accidents are 15 times greater in the towing industry, and the nonfatal injury rate is more than double the average. All it takes is one accident to end a trucker’s career.
Trucking companies can give their employees some peace of mind by offering workers’ compensation.
Carpentry looks easy on television, but in the real world, it’s a dangerous job. Carpenters work with a wide range of tools, many of which can cause serious harm when misused.
Saws, hammers, nail guns, and sanders all pose a risk. Carpenters report many on-the-job injuries each year. Some common injuries include cuts, lacerations, head trauma, overexertion, and amputations.
Workers’ compensation will pay for medical bills and lost wages if a carpenter gets hurt. Coverage also protects business owners from any additional lawsuits after settling a claim.
Workers’ Comp Coverage for All Industries
No matter where you work, getting hurt is always a risk. Coastal Work Comp Brokers can help you buy a comprehensive workers’ comp policy to cover all your employees. Even if other insurance companies have turned you down, we can still find you great coverage.
If any of these situations apply to your business, we may be the right choice:
- Employ 5-500 workers
- Shopping around for lower premiums
- Currently have State Fund coverage
- Work in a high-risk industry
- Non-renewed by your insurance carrier
- Have any losses or gaps in your coverage
- Dealing with a high experience modification rating
- Can’t afford an expensive deposit
- Hate dealing with the annual audit
- Want to avoid getting sued
When you reach out to Coastal Work Comp Brokers, we’ll start searching for the best workers’ comp policies available. We specialize in a variety of high-risk, high-mod, multi-state risk, and niche industries. Even if you are a new venture, have a lapse in coverage, or have several claims on your record, we can still find you great coverage.
Call 323-543-4141 for expert help in finding the best workman’s compensation option for you.