Looking for affordable workers comp for roofers? Here’s a way you can lower your premiums by up to 30-40 percent.
You never know when you may need workers comp for roofers. Employees put their lives on the line each time they climb up on a roof, and your company could be one accident away from bankruptcy.
A single misstep could cause one of your workers to fall and severely injure themselves. In the worst-case scenarios, these falls prove fatal. It’s no wonder why roofing is one of the top five deadliest jobs.
Every roofing company should carry workers’ comp insurance to protect their employees. But, companies often find it difficult to obtain coverage outside of the State Fund because roofing is a high-risk industry.
However, if you have between 5-500 employees, you may qualify for a pay-as-you-go plan with Coastal Work Comp. Here’s what you need to know before you send anyone on a roof without proper coverage again.
The Value of Workers’ Compensation in the Roofing Industry
As previously stated, roofing is a dangerous job. Workers climb multiple stories using ladders, scaffolding, and other rickety lifts. They often walk across unstable shingles that could give way in the blink of an eye. And if Mother Nature has her way, a gust of wind or sudden rainstorm can make things even more treacherous.
It’s no wonder why on-the-job injuries are so common in the industry. Even the most skilled roofers can lose their footing in the blink of an eye. Carrying roofing insurance for your employees is a must.
This coverage will ensure you can pay for any medical bills your workers may have after sustaining a work-related injury. It will also pay for rehabilitation costs and lost wages while your employee heals.
Too many companies, however, don’t see the value of purchasing coverage. They view it as an added expense they don’t need. This belief, while cost-efficient at the time, could end up costing you more than you bargained.
Besides, most states require roofing companies to carry workers’ comp coverage. And if you reside in one that doesn’t, there is a good chance you’ll need to prove you have a policy before anyone hires your roofers.
Added Protection with a Workers’ Comp Policy
Workers’ compensation insurance protects both your roofers and your company. In the event of an accident, both you and your employee will know you have the coverage needed to pay for care.
Neither side will lose sleep worrying about accumulating debt from medical bills. As long as you keep your policy active, the insurance company will jump in and cover these unexpected expenses.
What you may not realize, however, is the protection that workers’ comp also provides your business. Once a claim settles, your employee will no longer be able to bring any more litigation against you for the injury.
In a high-risk job like roofing, this protection may mean the difference between quickly settling a case or filing for bankruptcy.
How Are Workers Comp Settlements Calculated?
Any worker injured while performing their job may be able to collect workers’ compensation. The total amount of money an employee receives depends on several factors. These include the extent of the injury, amount of time away from work, rehabilitation needed, and disability.
Each state has different rules when it comes to calculating settlements. On average, employees should expect to receive two-thirds of their income while they are unable to work. Others may receive a lump sum payment. The goal of a settlement is to agree on an amount that satisfies both parties.
While insurance providers try to reach an agreement with the injured employee as quickly as possible, many of these cases do go to court. In these instances, your workers’ compensation insurance will also cover any legal costs or court fees.
In order to qualify for a settlement, the worker must have:
- Been an employee of your company.
- Sustained the injury at work or while performing job-related duties.
If you cannot prove these two key items, the insurance company will deny the claim.
In the roofing industry, most workers’ comp injuries are the result of a fall, faulty equipment, or hazardous materials. Broken bones, head injuries, heatstroke, puncture wounds, paralysis, and death are some of the most common injuries.
Is Workers Comp Expensive?
Yes, the rumors are true—workers’ comp can get expensive. Cost is the number one reason roofing companies don’t buy a workers’ compensation policy.
Unfortunately, this is a fatal error for many businesses. No matter the size of your company, it’s best to protect your employees with adequate coverage.
No two businesses, even in the same industry, have the same insurance needs. That’s why we offer a range of workers’ comp policies here at Coastal Work Comp. Our brokers will take a look at your portfolio to help you select a plan that ticks all the right boxes for your company.
How Much Is Roofing Workers Comp?
Insurance companies base workers’ compensation premiums on a simple equation: Payroll (times) Classification Rate (times) Experience Mod (equals) Premium.
The payroll figure is the estimated annual payroll for your company. The classification rate is a number assigned by the National Council on Compensation Insurance (NCCI).
This predetermined number represents the risk factor of a particular industry.
For example, your roofing workers comp class code is most likely either 5551 or 5545. However, a gardening farm (considered a safer industry) has a class code of only 8.
The experience modification rate (EMR) starts at 1 and increases each time you have an on-the-job accident.
As a rule of thumb, the higher the number for each figure, the more your premium. And since roofing ranks as one of the more dangerous industries, companies tend to pay more than “safe” industries. As you can expect, this perceived—and very real—danger means you’ll pay higher rates.
How Do I Set up Workers Compensation?
Roofing companies can buy a workers’ compensation policy through either an insurance company or a broker. But before you buy the first plan you find, you need to make sure it’s the best match for your company.
Since the roofing industry is high-risk, many private insurance companies will quote you an exorbitant rate. They can also decide to either accept or decline your application. For this reason, many roofing companies choose the State Fund route.
Regardless of your type of business, state-funded programs will cover you, but you’ll most likely end up paying more than if you went the private route.
Coastal Work Comp Brokers believes all roofing companies should be able to buy dependable and affordable workers’ comp plans.
We specialize in high-risk industries, and we can find you a policy that gives you the coverage you need at a price that fits your budget.
How Do I Save on Workers Comp Insurance?
Roofing companies want to protect their employees, but they also want to save some money at the same time. There’s no reason your company has to pay a small fortune for workers’ comp protection.
Coastal Work Comp Brokers may be the right choice for your roofing company if you fit any of the following criteria:
- Want to lower your premiums
- Currently insured through the State Fund
- Work in a high-risk industry, such as roofing
- Facing non-renewal by your current carrier
- Have any losses
- Dealing with a lapse in coverage
- Have a high experience modification rating
- Tired of annual audits
What you really want is an insurance company that will be your partner at all times.
At Coastal Work Comp, we will be there to lead you through any workers’ comp claim to help your business avoid getting sued. You never know when you’ll face an on-the-job accident. But if one does occur, we’ll be there to lead you through every step of the process.
How Can I Reduce My Workers Comp Costs?
Are you looking for an insurance policy you can afford? You need workers’ compensation insurance to protect your business and your employees, but you don’t want to break the bank buying a policy.
Here at Coastal Work Comp, we can help you choose a plan that could lower your premiums by 30-40 percent!
We specialize in matching high-risk industries, such as roofing, with cost-effective insurance plans. Our team also handles multi-state risk coverage and new ventures.
Even if you were non-renewed by your current carrier, facing a gap in coverage, or have a high-mod business, we have a solution. We provide a wide range of workers’ comp policies for nearly every niche industry.
Our pay-as-you-go plans are affordable and will also help you avoid an audit.
Whether you have a high-premium plan or a lapsed policy, now is the time to find better coverage that suits your roofing company.
When you need the best workers comp for roofers, let our team at Coastal Work Comp Brokers lend a hand. Call 323-543-4141 for expert help in finding the best option for you.