Even though it’s a high-risk industry, buying workers comp for solar installers doesn’t have to be expensive. The right policy will protect your employees and your bottom line.
Need to find affordable workers’ compensation options for your solar installers? The rumors are true—no one should set foot on a roof without the right insurance coverage. Installing solar roofing panels is a dangerous job.
Accidents are common, and many of them are fatal. Sudden slips, accidental falls, and lifting heavy objects are the most common reasons workers end up in the emergency room. While solar energy may save your customers money, an unexpected trip to the hospital could bankrupt your business.
The odds of injuring yourself while installing solar panels are high, and medical bills are even higher. That’s why you need a workers’ comp policy to cover all of your employees.
Coastal Work Comp Brokers makes it easy for high-risk, high-mod companies to find the right plan. Our clients include small- to medium-sized businesses across a variety of niches.
We can help lower your premiums, often by 30-40 percent. And if you want to avoid the annual audit, our pay-as-you-go plans will help you do just that.
What Does Workers’ Comp Insurance Cover?
Solar installers face many occupational hazards each time they head to work. Even if you properly train your workers, someone can still get hurt on the job. Injuries range from mild to fatal, and medical treatment is usually necessary.
As a business owner, you are liable if someone gets hurt on the clock. Even if your injured employee has health insurance, the policy probably doesn’t cover work-related injuries.
Medical bills add up quickly, and your employee may need long-term care. Without workers’ compensation, you may end up paying for these expenses out-of-pocket, or you may even find yourself in court.
Workers’ comp insurance covers the costs associated with work-related accidents. The policy begins paying right away for any medical bills or lost wages. Even if your employee needs additional time off work, rehabilitation, or disability, your plan will pay for everything. It also covers funeral expenses and burials.
A workers’ compensation policy protects every employee on your payroll. Coverage extends to all full-time and part-time workers.
However, your insurance policy will not cover independent contractors or self-employed individuals. If you choose to subcontract any work, make sure the person you hire has general liability insurance. Otherwise, they may sue you for damages after sustaining an on-the-job injury.
Workers’ comp isn’t just helpful; it’s also the law in many areas. Most states require that businesses carry workers’ compensation insurance. It’s best to check your region’s rules and regulations to ensure you have enough coverage for your employees.
Is Workers’ Comp Expensive for Solar Installers?
Insurance companies are in the business of making money, so it should come as no surprise that workers’ comp is costly. Many small businesses put off buying coverage because they want to save money.
However, this is never a smart move. It may be cheaper now, but you’re only one accident away from bankruptcy. After all, no one can see into the future, and you never know when someone will hurt themselves at work.
The cost of compensation insurance depends on many factors, including your industry and your company’s size. Before you settle on a policy, make sure to get a few quotes. The right insurer will work hard to find an affordable plan that meets the needs of your business.
At Coastal Work Comp Brokers, we’ve helped thousands of companies get great coverage that fits their budget.
How Solar Industry Risks Determine Workers’ Comp Prices
Prices for workers’ compensation vary from industry to industry. The assumed risk of a job plays a major role in figuring out rates. Low-risk jobs have lower premiums, and high-risk businesses pay more.
Insurance companies view the solar panel installation industry as high-risk. Although every solar installation company needs workers’ comp coverage, insurers often charge extra.
Here’s how they determine your premiums:
Class Code Rate (X) Employer Payroll per $100 (X) Experience Modification Rating
The class code is a numerical code set by the National Council on Compensation Insurance (NCCI). Every industry has its own unique code.
For example, there are two class codes for solar installation: 3724 and 5551. Your company may fall under one or both of these codes, depending on your location and type of work.
NCCI class codes help insurers estimate rates based on the risk level of the job.
Although this formula helps insurers estimate your premiums, it doesn’t provide a definitive answer. Your deducible and claims history both play a significant role.
At Coastal Work Comp Brokers, we know how to negotiate better plans with more competitive rates for those in the solar installation industry.
Risk Assessment for Solar Panel Installation
More homeowners than ever before want to switch to solar power. Not only will going solar help reduce their energy bills, but it’s also better for the environment.
However, that doesn’t mean installing new panels is an easy task. The job puts workers at risk. Technicians often work multiple stories from the ground, and they rely on ladders or scaffolding to help them reach the roof. All it takes is a gust of wind or slippery shingles to send a worker tumbling back down.
The solar panel installation risks don’t stop there. Sometimes the worksite itself can increase the risk of an on-the-job accident. Contractors should inspect the location and look for signs of damage.
For example, if the existing roof is in poor condition, it could collapse. Take note of any nearby power lines, low-hanging trees, or water sources.
You should have a solar installation safety plan in place for your business.
Here are protocols that can help reduce the risk of injury:
- Teach safe lifting techniques. It takes a minimum of two workers to lift a solar panel safely.
- Use cranes or hoists to position panels on the roof. Never climb a ladder while carrying a solar panel.
- Keep all work areas dry and clear of debris. If you notice any holes on the roof, cover them before beginning the installation.
- Make sure every worker wears a body harness to help stop a potential fall. You can also place a safety net around the perimeter.
- Double-check that all wiring and circuits are “off” before getting to work. Live wires can easily electrocute an unsuspecting worker.
Following these safety tips will help reduce the risk of a work-related injury. However, even the most skilled solar installers may find themselves in trouble at some point. That’s why carrying workers’ compensation insurance is a must.
Get the Lowest Rates on Solar Installer Insurance
It’s not always easy to find great rates. Private insurers often charge a fortune for coverage. You face high premiums and a hefty deposit. The State Fund will cover anyone, including those with non-renewals, losses, or coverage gaps. However, State Fund rates are usually the priciest, and you’ll still have to deal with the annual audit.
Workers’ compensation in the solar industry doesn’t have to be expensive. Coastal Work Comp Brokers takes pride in finding the lowest rates—sometimes 30-40 percent less than your current premiums!
We may be the right fit if:
- Your company has 5-500 employees.
- You would like to move away from State Fund coverage.
- You can’t afford a high deposit.
- Your current carrier didn’t renew your policy.
- You have a high experience modification rating.
- You have losses or a lapse in coverage.
- You want to reduce the risk of getting sued.
We specialize in high-risk and high-mod industries, including solar installation. Even if you are a new venture or need multi-state coverage, we can help. Best of all, you can say goodbye to the annual audit with our pay-as-you-go plans.
Call 323-543-4141 for expert help in finding the best workers’ compensation plan for solar installers.