Workers Comp for Contractors is a requirement in most states. Your employees face a dangerous work environment and will face high risks of injury on a daily basis. All of your employees including independent and sub-contractors should carry this type of insurance policy. Buying insurance is one of the most important decisions you will make. It protects your business, your employees and your customers. It creates a strong financial backing and will be there when you need it most.
- Workers Comp for Contractors: Your employees are important to you both professionally and personally. Protecting their well-being ensures that they will receive care if they are injured on the job. Your policy can pay for an injured contractor’s medical care, a portion of their lost wages and disability.
- Independent and Sub Contractors: Employees are classified differently than an independent or sub-contractor. Although your state may not require that you provide coverage, a business owner can be held liable for an independent and sub-contractors workers compensation claim. If you do not provide these types of contractors with coverage we STRONGLY recommend that you require anyone who sub-contracts for your business be required to provide an up-to-date certificate of insurance before they are allowed on the jobsite.
- Workers Comp and Payroll: For small businesses a better option than stand-alone policies is PEO/Employee Leasing because it provides Workers Comp, Payroll, Pay as you go and claim administration.
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Workers Comp Rates for Contractors are calculated by insurance companies using Industry Classification Codes, X-Mod and state laws.
- Industry Classification Codes determine what risks you are likely to face the most. Contractors fall into more than one category and rates are calculated differently for roofers than for crane operators. We check and correct class codes to make sure your company is getting the lowest rate available.
- A Company’s X-Mod is calculated based upon past claims within 12 to 36 months. If your company has filed a high amount of claims you cost more to insure and your X-Mod increases.
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We know that finding a low cost insurance policy for your business can be difficult to do alone. E-WorkersComp.net wants to help. Use our online form to request a free quote and we will utilize your businesses’ unique underwriting information to shop for the best rates, coverage and benefits from over 100 A Rated and Admitted Carriers. Request A Free Quote to compare rates side-by-side.