Why You Should Consider Workers’ Comp for Your Painting Business
Workers' Compensation insurance for a painting business can be vital to help protect your business and your employees if they ever get hurt while working for you. Did you know an employee suffers a work-related injury every seven seconds?
Not only could it affect the flow of your business, but it can cost you financially if you don't have the proper coverage. If you are thinking about Workers' Comp insurance and want to learn more about how it can benefit your business, please continue reading below. We will cover what you should consider when it comes to this type of insurance and who you can contact for additional guidance.
Do I Need Workers' Comp for My Painting Business?
Some painting businesses assume that they only need general liability insurance and not Workers' Comp. General liability helps protect your business from potential lawsuits due to third-party property damage or bodily injury.
It does not cover your employees. If you have more than one employee, you might want to ensure that you have Workers' Comp as it could provide coverage in the event of a workplace injury or illness.
What Is Workers' Compensation?
Workers' Compensation insurance is a benefit that helps pay for your employees' medical expenses and lost wages if they sustain a work-related injury or get sick on the job.
This coverage could also improve morale and encourage a more productive work environment as employees will know that they could be taken care of if they experience a workplace injury or occupational illness.
Some examples of what Workers' Compensation could cover includes:
- Medical treatment
- Prescriptions
- Emergency transportation fees
- Rehabilitation
- Physical therapy
- Lost wages
Common Workplace Injuries
Knowing the common workplace injuries that can occur in the painting industry is important. Being aware of these injuries could help reduce the chance of them happening, lowering how often you may have to make a claim.
Some common injuries a painting business employee could experience are:
- Slips and falls
- Repetitive stress injuries
- Rotator cuff injury
- Exposure to contaminants
To help ensure that your employees are safe while on the job, you could provide them with proper protective equipment. This might include dust masks, protective eyewear, and shoe and head coverings.
What Is Not Covered Under Workers' Compensation?
Workers' Compensation only kicks in if a staff member sustains a work-related injury. For example, if an employee gets sick due to toxic chemical exposure while on the job painting, they may be entitled to coverage under your Workers' Compensation coverage.
There are instances where Workers' Compensation won't cover your employees. For example, if an employee intentionally hurts themselves or does not follow safety procedures, they will not receive benefits under Workers' Compensation.
Hurt While Under the Influence
Workers' Compensation is invalid if your employee is under the influence of drugs or alcohol at the time of the workplace injury or illness. Most standard protocols call for employees to undergo a drug test to help ensure they were not under the influence of substances before paying benefits.
How Much Is Workers' Compensation?
Because everyone's workplace comes with different risks and exposures, Workers' Compensation insurance rates can vary. Rates are typically based on a company's "experience rating."
This experience rating is a company's history of Workers' Compensation claims made. If this is your first-time obtaining Workers' Compensation, you may not have an experience rating.
This means your rate could initially be higher for Workers' Compensation coverage. If don't have many claims when it's time to renew your policy, you could receive a lower rate.
There are several other factors that could influence the price of your policy such as the location of your business, the number of employees at your business, and the tasks handled by workers.
How Do I Get Insurance for Painters?
If you are ready to get insurance for your painting business, you can reach out to an insurance provider such as PolicySweet®. We specialize in Workers' Compensation policies for painting businesses.
You can submit information about your business, and we will create a no-obligation quote for you. Our team of insurance professionals are also here to help answer any questions or concerns about your policy.
Who Should Carry Workers' Compensation Coverage?
Some states require painting businesses to carry Workers' Compensation insurance. As mentioned earlier, if you have more than one employee, you may be expected to carry this policy.
Companies that fail to carry proper insurance could face severe fines and penalties. In extreme cases, it could also mean jail time. It is always best to check your local and state laws to determine if there are insurance requirements for where you conduct business.
How Do Workers' Compensation Claims Work?
If an employee sustains an injury, they should immediately go to a healthcare professional. The doctor will take note of the injury and provide the necessary medical documents needed for the insurance provider.
You should also contact your insurance provider to submit the claim. When submitting a claim, it is important to provide details about the injury or illness. This includes the date, time, and description of the injury.
Once the claim is approved and if the employee is eligible to receive a benefit, the insurer will provide payments directly to the appropriate parties.
Get Insurance for Your Painting Business
Whether you're starting your business or shopping around for painting business insurance, it is crucial to find a Workers' Compensation policy that works for you. Not only does this type of coverage help protect your business, but it could also put your employee at ease, knowing that you have their back if they get hurt while on the job.
Contact us if you are ready to find out how Workers' Compensation coverage for your painting business. We are here to answer any questions or concerns you have.