Workers Compensation Insurance, also known as Workmans Compensation or Workers’ Comp, is a form of liability insurance that provides income, medical benefits and rehabilitative services for workers injured on the job or while performing work-related duties. Every US state, with the exception of Texas, requires companies with employees to carry workers’ compensation insurance. Because workers’ comp insurance is mandated by law, many business owners believe it is just another useless expense without any real benefit to them. In reality, a good workers compensation insurance policy is actually a benefit that protects business owners and employees alike.
There are two main reasons why companies in Arizona, Nevada, and elsewhere 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 as receive a percentage of their pay. The other purpose of workers compensation and contractors liability insurance in California is to protect employers from potential lawsuits filed by injured workers.
Workers compensation insurance in California is mandatory for all contractors with employees.
The importance of maintaining a work comp policy can never 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 occurs, the resulting financial damages could be incredibly 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 employ their own workers, must have workers compensation insurance or have a valid Certification of Self-Insurance on file with CSLB. Workers comp insurance in California 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 company commissioners usually issue recommended rates and carriers must file their rates with the Department of Insurance.
A number of factors are weighed in calculating the annual premium for a workers comp insurance policy in Arizona and Nevada. These may include industry classification, a company’s history of work-related injuries (known as experience modification or X-Mod), payroll, special underwriting adjustments, like the 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 to consider when selecting workers compensation insurance in Nevada or contractors wrap insurance in Arizona. Services provided, access to claims adjusters, familiarity with your industry, and doctors within their network, are some of the things that you’d be wise to consider before selecting a policy.
As insurance specialists in the construction and building industries, we know workers comp insurance in California, Arizona and Nevada, and can find the policy that is right for you. Quoting several markets, we can customize and tailor coverages to meet your specific business’s needs and budget. Because we specialize in the construction industry, we know all the ideal solutions to your contractor workers compensation insurance in Nevada and contractor license bonds, be it in Washington, or 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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