Business insurance and workers compensation can seem like two completely different things. On one hand, a business insurance policy protects a business owner from the financial consequences of injuring or killing his or her employee. It is designed to protect employers against the possibility that an employee may be injured or killed while at work. At the same time, a business insurance policy also protects employees from the financial consequences of being injured or killed on the job. So in this way, it acts as a safety net for both employers and employees.
However, you may wonder how these two different terms and treatments apply to the construction industry. After all, aren't construction companies and their employees subject to all of the same OSHA rules and regulations that apply to all other employers? Not necessarily. In fact, OSHA does not regulate construction companies in the same way that it regulates other businesses. OSHA regards construction companies and their workers as an industry unto themselves, separate from others that may hire them.
This means that construction companies are generally exempt from many of the same OSHA rules and regulations that apply to other industries. As a result, business insurance and workers compensation rates for construction companies may be higher than other employers. If you are a business owner with one of these companies, you should take the time to familiarize yourself with the local OSHA laws and regulations that apply to your field. There are two different class codes that OSHA uses when inspecting construction sites. These class codes are:
You may find that your business insurance company does not offer you a price break on one of these two class codes. Often, business owners try to convince their insurance company that they need these additional classes simply because these employees have more experience working in the field than new people. However, these business owners often overlook the fact that inexperienced workers will miss more days than experienced workers and therefore will see their premiums go up. Therefore, it is up to you as a business owner to make sure that you are choosing the correct workers comp class codes so that you can get the lowest business insurance and workers comp rates possible.
Of course, if you work for a company that already offers this type of insurance, it is probably much cheaper for you to purchase the workers compensation insurance from the company. In fact, many business owners who have been turned down for workers compensation insurance do so because the insurance offered by their company was too expensive. Unfortunately, these same business owners are turning to the SBA or their state's worker's compensation system to help them find lower rate insurance policies. By doing so, they are able to save a significant amount of money on their business insurance policies.
The bottom line is that you, as a business owner, need to educate yourself about the various kinds of insurance policies available to you so that you can choose the ones that are right for your particular situation. There are a number of great resources online that allow business owners to research different insurance policies in depth. These sites typically list all of the insurance carriers that sell policies in the region that you are located in. This allows you to quickly and easily compare the different policies and determine which ones will best meet your particular needs. In addition, these websites usually provide detailed information about the specific features that each carrier offers and the types of benefits that are included with their various types of business insurance policies.
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