Are you looking for the best workers comp rates for janitorial services? Learn more about the affordable, pay-as-you-go packages available through Coastal Work Comp.
Are you shopping around for the best workers comp rates for janitorial staff? Many janitorial employers are searching online to find affordable coverage options that will allow them to adhere to workman comp laws, but the search can be overwhelming.
As an employer, you may feel like going through the cost and hassle of purchasing coverage is more than you can handle. However, neglecting to secure the right coverage leaves your business and your employees vulnerable.
At Coastal Work Comp, we are dedicated to making the insurance shopping process as easy as possible for janitorial businesses that employ maids, custodians, window washers, carpet cleaners, and other cleaning professionals.
We go above and beyond to connect you with workers’ comp insurance that meets your unique business needs and budget.
Let us show you the importance of securing the right coverage and what you can expect when you turn to the brokers at Coastal Work Comp.
What You Need to Know About Janitorial Workers Comp
There is a risk of an accident from the moment you hire a new employee for your janitorial business.
One unfortunate cleaning solution spill or slip and fall incident on a wet floor can lead to injuries that require costly medical care and may even result in a lawsuit. Will your business be able to survive the worst-case scenario?
Workman comp laws protect your company and employees in the case of a workplace accident. Countless businesses have avoided bankruptcy because they had the right insurance to protect themselves and their employees.
While you may think you can’t afford coverage, the truth is you can’t afford not to have coverage. The risks are too high, and you have too much to lose. Your business is literally on the line.
Why Workers’ Comp Insurance for High-Risk Industries Is Essential
Janitorial staff and office cleaners have some of the highest rates of injuries in the workplace. Most states require all companies to carry workers’ compensation insurance for employees, but if your state does not, it’s still in your best interest to purchase sufficient coverage. Without it, all it takes is one accident to devastate or even bankrupt your company.
Still, the truth remains—janitorial employers often struggle to obtain coverage outside of the state workers’ compensation fund because they are in a high-risk industry.
The plans seem cost-prohibitive. It’s like being between a rock and a hard place. Rather than playing a game of risk with your business, let our team at Coastal Work Comp Brokers help.
Safeguard Your Janitorial Business and Employees
If your business has between five and 500 staff members, we can work with you to find an affordable pay-as-you-go workers’ compensation plan to protect your business and employees.
With the right insurance in place, you can have peace of mind, knowing your business is safe, and your employees will have the coverage necessary to pay for medical care. The insurance company will be there to cover expenses that would otherwise create a financial hardship.
Furthermore, once the employee settles a claim through the insurance company, he or she will not be able to bring a lawsuit against your company for the injury.
As a business in a high-risk industry, this can mean the difference between closing the case quickly and closing your doors permanently.
Workers’ Compensation Limits Protect Your Company
One essential component of work comp coverage is the portion that deals with workers’ compensation limits. This provides coverage for your janitorial business against lawsuits that arise from on-the-job injuries or related illnesses.
If an employee who is injured while working or the employee’s family decides to sue for damages, these limits will provide the necessary coverage.
How Are Workers Compensation Rates Calculated?
If you are wondering what to expect regarding workers comp rates for a high-risk industry like janitorial, it helps to know how the rates are calculated.
Insurance companies use a formula based on the janitorial workers comp class code, which is the National Council on Compensation Insurance (NCCI) Class Code 9014.
They calculate the final amount based on the rates NCCI designates to this classification, multiplying the rate by every $100 of payroll assigned to each class code.
The payroll figure is the estimate of the yearly payroll for your business. Another factor going into the calculation is the Experience Modification (EM) number, which starts at one and increases each time there is a workplace accident.
So the calculation is:
Payroll x Classification Rate x Experience Modification Number = Workers Comp Rate or Premium.
Clearly, a higher classification rate for high-risk industries like janitorial combined with a higher EM number means you will have higher workers’ compensation insurance premiums.
The good news is that Coastal Work Comp Brokers can match your business with a pay-as-you-go-plan to make coverage as affordable as possible. There’s no need to go without it!
How Much Is the Average Workers Comp Settlement?
The NCCI reports that the average janitorial workers comp claims for lost-time is more than $23,000. Imagine having to come up with that money out-of-pocket. Many companies would simply have to close their doors, which is why having the necessary coverage is crucial.
The total amount of workers comp an injured employee receives will depend on several factors, including:
- Nature of the injuries
- Amount of time out of work
- Rehabilitation necessary
Injured employees will receive a portion of their income during the time they are out of work for recovery. The exact amount varies from state to state. The funds may come in a lump sum or broken up into equal payments.
Insurance companies strive to reach a settlement that satisfies both the employee and the insurance company.
In some situations, a workers comp case will go to court to arrive at a fair agreement with help from the court system. However, if this happens, workers’ compensation insurance covers court fees and any other legal costs.
Does Workmans Comp Pay Your Full Salary?
Workers’ compensation insurance does not cover the full salary, but it will pay up to about two-thirds of an employee’s regular salary.
Here’s what the insurance covers:
- Necessary medical and hospital expenses for diagnoses and treatment, including follow-up appointments.
- Disability payments while the employee is unable to work due to injuries.
- In some cases, rehabilitation, physical therapy, retraining, and other benefits are part of the coverage; these benefits vary from state to state.
What Can Coastal Work Comp Brokers Do for You?
Are your current janitorial workers’ comp premiums too high? Are you tired of worrying about your insurance or lack thereof and ready to get the coverage you need at a price that works for your budget? We are here to help.
In fact, our Coastal Work Comp Brokers experts can help your janitorial company find coverage that may lower your premiums by as much as 30 to 40 percent.
We understand the unique needs of businesses in high-risk industries like yours and are confident we can connect you with a cost-effective workers’ compensation plan.
Perhaps you have a new venture or need multi-state risk coverage. Not a problem. Even if you are facing non-renewal from your carrier, coverage gaps, or a high experience modification number, we have the solution.
You may feel like you are in an impossible position, but our trustworthy team can guide you every step of the way.
Choose from convenient, affordable pay-as-you-go plans that help you adhere to workers’ comp laws and avoid annual audits. We can get you out of the State Fund and into a plan that better meets your business needs and budget.
Plus, we offer professional risk and claims management as well as human resources services at no extra cost. We can help your business to thrive like never before.
Contact Coastal Work Comp Brokers Now to Get Started
Your search for workers’ compensation coverage for janitorial services is over. Reach out to our team at Coastal Work Comp Brokers today to explore your top options.
We are ready to be your trusted partner to help you through the process, so you can do what is necessary today to avoid costly problems in the future.
Call 323-543-4141 and let our experts show you the best workers comp rates for janitorial companies.