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CSIS Insurance Services, Inc. Blog

Getting Ahead Of The Game: Understanding Contractors Workers Comp Insurance

3/21/2022

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As a business owner, it is your responsibility to protect your employees from accidents or health hazards that might cause problems within the workplace. One of the best ways to do this would be to use your existing contractor's workers comp insurance.

​However, do you truly understand what this means? The following paragraphs will help you explain this to your employees in the best way possible.
Definition of Terms
Simply put, workers’ comp contractor’s insurance is designed to protect your contractors from exorbitant medical costs and lost wages for work-related injuries as well as illnesses. It is mandated by law for businesses that have employees.

In this regard, workers’ comp insurance protects employees within the construction firm or anyone under contract.

Physical labor brings about high risks of injuries, placing tremendous financial burdens on the business itself. 

For example, suppose a carpenter gets injured because of the misuse of a nail gun or a hammer. In that case, the construction company will then be liable for the hospitalization and medical bills of the said employee.

Fortunately, workers' compensation contractor's insurance can cover the medical expenses and missed wages for the employee. 

Suppose you are a sole proprietor of the business. In that case, you may also get this particular policy to ensure financial protection against work injuries that might not be covered by health insurance.

Other Inclusions
Workers' compensation insurance typically also includes the employers' liability insurance which helps protect the general contractor's companies if they are sued for damages due to accidents in the workplace. It can also cover attorney's fees and court costs, as well as settlements.

Regardless of the case's merit, a business owner will still have to pay for the litigation fees, and you would have to cover it yourself if you are not insured. This is why you would have to get workers comp contractor's insurance as soon as possible.

It will help protect you from additional fees and expenditures in the future.

Additional Information
Some states set the workers' comp requirements for various construction companies. If you're planning to put up your own construction business in the future, make sure that you follow the laws of your state regarding updating your worker's comp insurance policy.

By doing this, you will not have additional problems regarding being off your worker's comp contractor's insurance in the future.

The Conclusion
It's all about learning what you can about your existing policy. If you can educate yourself, you will certainly make the most of your existing policy in the future. So don't hesitate to ask experts for help if you need it. They will help you out in the end.

At CSIS Insurance Services, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (888) 501-2747. You can also request a free quote by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agents to discuss your coverage and ensure your needs are met. We are happy to help!
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