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Worker's Compensation Insurance for Flooring Contractors at affordable prices.
Safety should be a major concern for any company, but it is particularly critical for small companies that may be unable to handle the medical costs associated with an injured or ill employee. Your flooring installation company may expose your workers to specific risks of harm because of the kind of equipment used, the often-dangerous working environment, and the continuous physical labor. If an employee is injured or becomes sick on the job, flooring installer workers comp insurance coverage can assist you prevent financial loss while also ensuring that the person receives prompt care and is able to return to work. Even if your flooring installation company has just one employee, you must have workers compensation insurance.
Workers compensation rules were designed to safeguard workers should they be impacted by work-related accidents or sickness. With workers compensation insurance coverage in place, employees may recover and return to work as soon as possible. Coverage under the flooring installation workers comp insurance coverage covers medical treatment, rehabilitation, and restoration of lost income. An employee may get benefits immediately without going to court, thus this might be advantageous for the company as well.
Sometimes minor injuries are unavoidable while employees are laying flooring. They may only need a basic, one-time first aid treatment that is quite cheap. Rather than making a claim on your flooring contractor workers compensation, you may pay for this first aid personally or via your business. Making a claim may be more troublesome and costly than just paying for first aid.
If your employee is involved in an on-the-job injury that needs more than basic first aid treatment, he or she may be entitled to temporary disability. In this case, workers’ compensation may pay the cost of your flooring contractor business's lost profits. Your employee must get medical confirmation, but this coverage kicks in after three days if he or she is unable to return to work. Typically, an injured worker will get two-thirds of their salary while they are unable to work, up to a specific amount. The majority of these payouts are limited to a two-year term under worker's compensation law. Certain injuries have a four-year statute of limitations.
Workers' compensation costs
- The cost of work comp is based on payroll
- Costs are affected by your state and Emod
- Rates can be affected by the type of flooring installed
- A discount or credit may be applied to premiums
Get Flooring Insurance at a Lower Cost
Flooring contractors have seen their business insurance costs rise. The increase in the cost of coverage is primarily due to general liability and workers' compensation insurance. Our insurance companies have partnered with us to offer more affordable commercial insurance packages. Find out about our contractor package insurance options:
Employers' liability and workers' compensation
- Insurance coverage for excavators
- Commercial and Residential Property
What is the cost of flooring insurance?
Under the flooring class code, clients pay between $4.05 and $5.00 every $100 of payroll for workers' compensation. A general liability insurance coverage typically costs about $1,150.00.
Costs of General Liability
- For flooring, GL rates are based on payroll (per $1000)
- Pricing may be affected by gross revenue
- Underwriters care about the tools and materials used
- Pricing is affected by prior claims and years in business
- SIC codes for flooring: 1747, 1751, 1752
Contractors' Workers Comp Insurance
- Health Care
- Treatment of First Aid
- Disability - Temporary
- Having a permanent disability
- Benefits upon death