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General Liability Insurance And Workers´ Compensation Insurance For Trade Contractors, Home Builders, Remodelers and Light Commercial General Contractors With Savings Up To 38%!

Workers´ Compensation Insurance For Contractors, Home Builders, And Remodelers

Workers´ Compensation pays for "on the job" injuries to employees and uninsured subcontractors of the contractor. It pays the following benefits: 1) medical bills (past and future) up to an unlimited amount, 2) lost wages (usually based on 66 2/3% of the average weekly wage for the past year), 3) lump sum payment for permanent disability and disfigurement, and 4) a death benefit in the event the worker dies.

This policy also contains a little used coverage known as Employers´ Liability, which provides protection against certain rare lawsuits where an injured worker circumvents the Workers´ Compensation system in an attempt to collect more money.

The cost of Workers´ Compensation is based on a rate per $100 of payroll paid to employees or uninsured subs and varies per the type of work to be performed (ex: framing, interior trim, painting, etc.) Additional factors such as expense constants, experience modification, assigned risk adjustment premiums, scheduled debits and credits, and minimum premiums may impact the final premiums. The final premium of a Workers´ Compensation policy is subject to an audit of your financial and tax records by a representative from the insurance company. Shortly after the annual policy term expires, the auditor will determine the proper classifications as well as the actual payrolls paid to employees and the amounts paid to your uninsured subs.

Many contractors that buy their Workers´ Compensation coverage from unethical insurance agents that provide "lowball quotes" based on inaccurate classifications and/or suppressed payrolls are hit with staggering additional premiums. These additional premiums are owed within 30 days of the audit. If these additional premiums are not paid, the insurance carriers will hire debt collectors to pursue collection. Failure to pay can also result in cancellation of your current workers´ compensation policy.

You can learn more about how to save money on Workers´ Compensation Insurance and how to be prepared for your audit by referencing important articles under Sadler Insurance Articles And Information.