Workers Compensation Insurance, also known as Workmans Compensation or Workers’ Comp, is a form of liability insurance that that provides income, medical benefits and rehabilitative services for workers injured on the job or while performing work-related duties. Every state, with the exception of Texas, require companies with employees to carry workers’ compensation insurance. Because workers’ comp insurance is mandated by law, many business owners believe it is just another expense that provides little benefit. However, a good workers compensation insurance policy is actually a benefit that protects business owners and employees alike.
There are two primary reasons companies in Arizona and Nevada are required to have Workers Compensation Insurance. The first is to financially protect employees who are injured at work. Typically, injured employees are eligible to have their medical expenses covered as well are receive a portion of their pay. The other purpose of workers compensation and contractors liability insurance in California is to protect employers from potential lawsuits from injured employees.
In California, all contractors with employees must carry workers compensation insurance. The importance of maintaining a work comp policy cannot be overstated. If an employee is injured while working on a job, your company is financially liable to pay for injuries and rehabilitation. If a major injury or death occurred, the resulting financial damages could be financially devastating and could follow you for years to come.
It is important to note that all C-39 roofing contractors in California, whether or not they have employees, must have workers compensation insurance or have a valid Certification of Self-Insurance on file with CSLB. Workers comp insurance status is available through the CSLB website when checking a contractor’s license.
Workers compensation insurance rates are not regulated by most states, but state insurance commissioners usually issue recommended rates, and carriers must file their rates with the Department of Insurance.
A number of factors go into determining the annual premium of a workers’ comp policy in Nevada and Arizona. These include industry classification, a company’s past history of work related injuries (known as experience modification or X-Mod), payroll, special underwriting adjustments like use of a certified health care organization, and any special group or dividend programs.
Cost is always a consideration, but there are other important factors consider when selecting Workers Compensation Insurance or contractors wrap insurance in Arizona. Services provided, access to claims adjusters, familiarity with your industry, doctors within their network, and several other considerations should be addressed prior to selecting a policy.
We know workers’ comp and can find the right work comp policy for you. We quote several markets, so we can custom tailor coverages to meet your specific business needs and budget. Because we specialize in the construction industry, we have a solution to your contractor workers’ comp insurance and contractor license bonds in Washington and the surrounding states. Call us at (800) 763-0698 or complete the form on this page for your free, no obligation Workers Compensation Insurance quote.
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DJM Insurance provides a remarkable service for exactly what you are looking for. I would highly recommend them as your insurance service. -Dale