Workers compensation is an insurance policy that every business owners must obtain. On the job contractors face a significant risk from strains, falls and being caught under heavy materials. A policy protects you from lawsuits and insures that your employees get the medical care they need.
Workers comp was designed by the state in order to help employers and employees quickly get compensation for workplace injuries without the need of civil litigation. Today, businesses are required to purchase this type of coverage. Workers comp specifically covers and provides benefits to employees that are injured, contract an occupational disease or are killed while working on-the-job.
Workers Comp Cost
Excavation contractors operate heavy machinery from bulldozers to powershovels. The cost of insurance for your company is primarily based off of occupational class codes, experience mod and the amount of coverage that you need.
- Experience Mod: Past claim history of a company is used to increase or decrease the cost of the premium. An excavation company that has had few claims over the last three years is awarded a lower premium. Insurers can refuse to issue a policy to companies that have a high experience mod. The frequency and the severity of claims both affect the cost.
- Class Codes: Excavation companies face different risks than a roofer or electrician. Class codes are used to separate the frequency and types of injuries that occur. Certain occupations have more injuries and are charged a higher rate. A clerical worker, for example, has one of the lowest rates to insure because very few injuries will happen while working in the office.
- Coverage: How much you need to purchase will depend upon the type of work that you do, the size of your company and the number of employees. The amount of coverage that you purchase should be optimal and balance cost with benefits.
Examples of Class Codes
Here are two examples of workers that you may employ for excavation that use different class codes.
- Laborers: perform a range of tasks for excavation using hand and power tools. Other day-to-day duties could include maintenance of equipment, vehicles and machinery.
- Machine Operators: operate heavy equipment including excavators, bulldozers, and loaders.
How to Purchase A Policy Through Our Agency
Our professionals can help you to assess what you need and find coverage at a competitive rate. We have built our success on providing insurance for excavation companies with clear, straightforward recommendations that allow for an educated decision.
Here are two ways we help excavation companies purchase workers comp insurance.
- PEO/Employee Leasing: Obtaining workers comp can be difficult for companies that are new, have a high experience mod or are a small operation. PEO/Employee Leasing provides workers comp, payroll and employee administration services. Small business owners have more buying power and the resources to manage claims, fraud and loss control.
- Stand-Alone: Larger companies are more likely to obtain a stand-alone policy for their business. This type of policy is purchased directly through a carrier by the business owner. Our network of carriers can provide some of the lowest rates on contractor class codes.
We know you need low cost coverage. We understand the risks that you face and your need for a policy that will protect your business. We offer workers comp insurance for excavation companies through a network of carriers that specialize in the construction industry. Backed by A rated insurers we are the solution you have been searching for. Contact us about purchasing insurance for your business! We cover 46 states including workers comp insurance for excavation in California, Florida, Texas, Arizona and Louisiana.
Types of Insurance for Excavation:
- Workers Comp: Your employees are important to the success of your business. Protect them from the risks they take to do their job.
- Rates: Insurers calculate rates depending upon risks. Find out more and request a free quote online to have our agency shop available rates.
- PEO/Employee Leasing: If your company is under 100 employees, consider this service. Business owners have access to more benefits and the means to manage them.
- Independent Insurance Agency: We provide competitive rates by shopping top insurers.
- Companies We Shop: Over 100 “A” Rated Insurers and Admitted Carriers.
- Free Quote: Request a free quote online.