Workers Compensation
Looking for Workers Compensation insurance?
When your employees are taken care of, your business is taken care of.
A key part of running your business is keeping employees safe at work. However, if one of your employees does suffer an injury, Workers Compensation coverage provides you and your employees with important protection.
You pride yourself on operating a safe, secure work environment where your employees can perform to the best of their ability while helping your business grow. Even in the most ideal circumstances, the reality is that accidents and illness still happen.
Slips and falls, broken bones, smashed fingers, eye injuries, welding burns, lacerations, vehicle accidents, shoulder injuries, back injuries, equipment malfunctions—it could be any number of things.
Am I required to have Workers Compensation Insurance?
Workers Compensation coverage is a state-mandated insurance program that covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work.
In most states, work comp insurance is required. Call us today to discuss your workers’ compensation needs.
How Much Does Workers Compensation Insurance Cost?
Because coverage requirements vary by state, the cost of Workers Compensation depends on where your business operates. Other factors that affect your rates include…
- Payroll and classes of employees.
- The number of employees you have.
- The type of work your employees do.
- Your claims/loss history.
Like all insurance, Work Comp is priced based on risk.
Riskier industries and jobs are more expensive to insure than less risky ones. To make sure prices are as fair as possible, they’re determined by classification codes.
The Truck Body and Trailer industries have unique classification codes that properly classify your company’s individual risk, and helps the insurance carrier determine a suitable rate. It is imperative that your Work Comp broker is extremely well versed in this industry in order to properly classify you, as there are all sorts of landmines that are created if this isn’t done properly. Very few brokers exist that truly understand this industry. In fact, we’ve never seen another one.
One way to save money on your Workers Comp policy is to make sure you’ve classified every employee correctly. Your office/admin employees, for example, will have MUCH lower rates than your welders.
At Truck and Trailer Makers, we understand the importance of keeping your employees safe and sound. After all, they are the foundation of your business.