Workers' Comp for Contractors
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Why do contractors need workers' comp insurance?
Contracting professionals may be easily injured in their workplaces and should carry appropriate insurance coverage in case of accidents. Workers’ compensation, sometimes called workers’ comp or workman’s comp, can help cover medical fees and lost wages for contracting-work-related injuries.
Not only is workers’ comp coverage legally required for almost all contracting businesses with employees‚ but it also helps provide protection for the business by reducing its financial risk.
The most common injuries experienced by contracting employees are:
– Falls (from heights)
– Electric shock and arc flash/arc blast
– Repetitive motion injuries
Learn more about how workers’ compensation insurance can help protect contractors.
More than three-quarters of small businesses overpay for workers' comp coverage.
What does workers' compensation insurance cover?
Workers’ compensation insurance helps provide medical, rehabilitation, and disability benefits for contractors who become injured as a direct result of their job. Workers’ comp may also pay death benefits to an employee’s dependents if the contracting worker is killed in a work-related incident.
In addition to helping contractors’ employees and their families, workers’ compensation insurance can also help protect contracting business owners. Workers’ compensation helps protect contracting businesses from liability for employees’ workplace injuries, and it helps keep employers from having to pay directly out of pocket for those injuries. This coverage may reduce the risk of a significant financial loss if a contractor is harmed while performing work duties.
Depending on the laws in your state, to be considered compensable and therefore eligible for workers’ compensation, contracting injuries must:
have happened to a contracting employee (not a vendor or independent contractor),
be the result of a contracting workplace injury or illness during employment, and
cause impairment and/or lost wages.
What are relevant types of class codes?
When you’re ready to start your 3-minute quote, you’ll need to know your contracting business’s class code.
A class code is assigned by the National Council of Compensation Insurance (NCCI) or by state agencies—and is created based on the activities and risk level the work requires.
There are many different workers’ comp class codes within the contracting industry. Below are two of the most common class codes in the industry.