25 Mar Low Cost Workers Comp for General Contractors
Low Cost Workers Comp for General Contractors
Workers Comp for General Contractors tends to be difficult to obtain and costly. However, there are Workers Comp Carriers out there that offer this coverage and there are ways of getting the cost down. We will explain what you can do to bring your Workers Comp costs down.
Low Cost Workers Comp for General Contractors – Classifications
Classifying employees for General Contractors is much more difficult than other types of businesses. The main reason for this is because the employees that work for General Contractors perform a wide variety of tasks. This can include carpentry, electrical, plumbing, flooring, etc. All of these different types of work have their own class codes and sometimes even have their own sub-codes. One of the most important part of saving money on your Workers Comp is taking the time to properly classify your employees. The difference in premium between some of the class codes is substantial and can make a big difference in your bottom line.
Low Cost Workers Comp for General Contractors – Safety
Safety is important with any business, but it especially important for General Contractors. As you likely already know, Workers Comp for construction is quite expensive, and having claims makes it much more costly. There are many steps you can take to limit the frequency and severity of claims. For one, you can establish a written safety program and implement monthly safety meetings. You can also implement a written lock-out/tag-out procedure for tools and equipment. Not all claims are avoidable, but there are steps you can take to limit the severity of a claim. For instance, by establishing a return to light duty plan you can limit the size of a claim.
Low Cost Workers Comp for General Contractors – Loss History
As mentioned above, having a limited or no claims goes a long way in maximizing your Workers Comp savings. When shopping for Workers Comp, you should always obtain Loss Runs from your prior carrier. The Loss Runs are a Loss History report that your prior carrier generates to show your prior Workers Comp history. Another important part of having good Loss Runs is avoiding lapses in coverage. Lapses in coverage can be seen on the Loss Runs and having lapses makes it much harder to get a quote approved with the carriers that have the best rates. You can take steps to avoid lapses, such as signing up for EFT or paying for your policy in full.
If you would like to learn more about obtaining Low Cost Workers Comp for your General Construction business, give us a call! We would love to help!
You can reach our Workers Comp specialists at 925-297-4829.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.
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