Are you preparing to start your own roofing company and want to hire other people? One of the first things that you should do is invest in workers compensation insurance coverage, as it is a requirement in some states. You might need to find a company that offers hard-to-place workers compensation insurance. This article will give you information about workers compensation insurance so you will understand why it is needed for your roofing company.
What is Workers Compensation Insurance Coverage?
Workers compensation coverage is basically a type of medical insurance that will give your employees a means of income to get treated for injuries that happen on the job. The coverage is actually beneficial to your business as well. For instance, rather than possibly facing a lawsuit when an employee is injured, he or she can simply file a workers compensation claim. Workers compensation can also compensate injured workers for lost wages, although it is primarily medical insurance.
What is Hard-to-Place Workers Compensation Insurance?
Hard-to-place workers compensation insurance coverage is for businesses that have a high risk of employees getting injured. The reason the insurance is considered hard to place is because it can be hard for business owners to get coverage when their employees are doing dangerous work. Insurance companies can end up having to process claims that are a financial burden to their company. You might have to pay a high price to insure your workers if you do not try to find a hard-to-place insurance agency and instead go through a regular company. Since your workers will be working on roofs and there is the risk of falling off, you will need hard-to-place workers compensation insurance for your roofing company.
Do All Injured Employees Qualify for Workers Compensation Benefits?
It will be up to you as to whether or not an injured employee is approved for coverage or not. However, keep in mind that denying the benefits can end up in a lawsuit if the employee believes that your decision is unfair. As long as your employees did not get injured due to being negligent on the job, you should not deny a workers compensation claim. If you get sued after rightfully denying a claim, you are likely to win the case as long as you can prove the negligence. Get in touch with a hard-to-place workers compensation insurance company like Tailored Solutions as soon as possible.