Required by law

Quite possibly, the largest insurance expense of a business is Workers Compensation. Although some clerical businesses pay low premiums, construction and other industries can see premiums that are six digits or higher. This coverage is based on annual payroll and each particular industry has its own rate. For example, the same construction company might have one rate for “carpentry,” one rate for “masonry,” and another rate for “building supervisor.” This coverage is required by law for any business that has employees.

A one-man show

You may even need Workers Compensation coverage if you are a one-man business. This is typical in construction where the one-man business is operating as a subcontractor. The general contractor doesn’t want to pay his or her insurance company as if you are an employee. Maintaining your own Workers Compensation insurance shows that you are truly an independent company.

As the business owner, you have the ability to exclude yourself from coverage. That can be a nice savings, but many policies are subject to state minimum premiums.

Request a quote today

Considering that Workers Compensation can be the largest premium that a business pays, it can also be the biggest opportunity for savings. Our team can help you through those savings opportunities. Request a quote