Workers Compensation for Painting Contractors

If you are a painting contractor then you are well aware of the difficulties in finding reasonable or competitive cost Workers' Compensation coverage.  Rates have continued to climb and climb over the last few years, whether you've had a claim filed by an employee or not.  Some areas to be immediately concerned with if you are a painting contractor searching for coverage:

Job descriptions:  make sure your policy covers specifically the exact employees under the proper job duties and description.  The quantity of employee job type spread can really be a factor.  This includes examining closely the executive staff, management, and internal office workers vs. the total number and wages of those working on the job site.  Those in a superintendent position should be carefully examined as well.

Get very specific about what type of jobs your company does:  identify whether or not your company is in the commercial or residential painting contracting business.  Also, make sure to describe if you work in any niche industry sectors, such as residential remodels only as an example.   Or, do you work on something like high rise commercial buildings only?  You can see the premiums associated may be very different when the insurance carrier understands the risks involved t to the greatest degree.

Consider all the factors:  don't take workers' compensation laws lightly and ignore the state of CA requirement to purchase insurance.  a brush or a bucket simply dropping on a worker's foot could cause a very large claim and medical bills.  Or, it could get as bad as a painter falling off a ladder or a raised scaffolding.  The risk of disaster is unfortunately out there and comes with the territory in this field.

How your pricing is determined?:  after you've placed your policy and paid your initial premiums your payroll wages are going to be audited by the workers' compensation insurance carriers moving forward as an almost certainty.  This means your premium pricing will match your actual wages paid per employee remuneration and class code.  The insurance carrier uses an experience modification system to determine your company's particular price.  This is also factored against your industry type.  There's no avoiding the premiums but you want to make sure a thorough analysis is completed for your company so that you don't buy a one size fits all painting contractor policy.  This way you pay only the amounts you should be paying.

How do I know if I have right policy now?   Contact Us  or submit a quote request and we will do a free of charge analysis of your current policy and either recommend a new bid for your coverage or advise if you have the right plan in place already.  There is nothing for you to lose!  We handle this for our clients without cost of any kind.  Get a competitive bid for your coverage today and this way you at least know if you are doing the best you can with the right policy cost!

 Related Pages:

How to get the best Workers Comp rate
State Fund in California

 

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