Protect Your Electrical Business with Workers' Compensation in Ohio
Part of our guide to electricians insurance in Ohio.
Electricians in Ohio often mistakenly assume Workers' Compensation only covers extreme accidents. However, it also covers common injuries like falls, electrocutions, and overexertions. In reality, Workers' Compensation pays for medical bills and lost wages when employees are injured on the job, which is a common occurrence in the electrical industry. For instance, a worker who falls from a ladder while installing lighting fixtures would be covered. Required in most states once you have employees, Ohio's workers' compensation rule is clear: as soon as you hire your first employee, you need coverage. Ohio's severe winter storms and tornado risks increase the likelihood of workplace accidents. Despite the costs, going without Workers' Compensation exposes your business to significant financial risks. In Ohio, commercial construction contracts and municipal building permit offices often require licensed electricians to show proof of Workers' Compensation before work can begin.
Workers' Compensation cost for electricians in Ohio
Illustrative monthly workers comp estimate for a small electrician operation in Ohio. Actual pricing depends on revenue, payroll, coverage limits, claims history, and carrier. Get a personalized quote to see your real price.
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What Workers' Compensation Covers for Electricians in Ohio
Workers' Compensation for electricians in Ohio pays for medical bills and lost wages when employees are injured on the job. This includes common injuries like falls from ladders, electrocutions from faulty wiring, and overexertions from lifting heavy equipment. For example, if an employee falls from a ladder while installing lighting fixtures in a Columbus office building, Workers' Compensation would cover their medical bills and lost wages. However, it does not cover damage to equipment or property, which would be covered under a different policy like Tools & Equipment insurance. Additionally, Workers' Compensation does not cover injuries that occur while commuting to or from work, which would be covered under a Commercial Auto policy.
Do Electricians in Ohio Need Workers' Compensation?
In Ohio, workers' compensation is generally required as soon as you hire your first employee. This means that if you have even one employee, you need to have Workers' Compensation coverage. Going without it exposes your business to significant financial risks, including lawsuits and fines. For instance, if an employee is injured on the job and you don't have Workers' Compensation, you could be liable for their medical bills and lost wages out of pocket. This could be devastating for a small electrical business, especially in a competitive market like Cleveland or Cincinnati.
A Real Workers' Compensation Claim an Electrician Could Face
It was a routine job until an employee fell from a ladder while installing lighting fixtures in a Toledo office building. The employee suffered a broken leg and was unable to work for several weeks. Workers' Compensation covered the employee's medical bills, including surgery and physical therapy, as well as their lost wages during their recovery. The policy paid out $10,000 in medical bills and $5,000 in lost wages, which the electrical business would have had to pay out of pocket without Workers' Compensation. This claim highlights the importance of having Workers' Compensation coverage to protect your business from unexpected expenses.
What Workers' Compensation Costs for Electricians in Ohio
The cost of Workers' Compensation for electricians in Ohio varies, but estimated premiums range from $55-$200/month. Factors that affect the cost of Workers' Compensation include revenue, payroll, coverage limits, deductible, and claims history. For example, a electrical business with a high revenue and large payroll may pay more for Workers' Compensation than a smaller business. Additionally, businesses in areas prone to severe weather, like northeast Ohio, may pay more due to the increased risk of workplace accidents. To lower your premium, consider increasing your deductible or improving your workplace safety record.
How to Get Workers' Compensation in Ohio
To get Workers' Compensation in Ohio, gather your business information, including revenue, payroll, and employee data. Compare quotes from different providers and consider bundling Workers' Compensation with your other core policies, like General Liability and Commercial Auto, to lower your total premium. For example, a electrical business in Columbus may be able to bundle their policies and save 10% on their overall premium. Get a quote today and protect your electrical business from the risks of workplace accidents.
Frequently asked questions
Will my Workers' Compensation premium jump after one claim?＋
Yes. Premiums may increase after a claim. However, the amount of the increase depends on the severity of the claim and your business's overall claims history. For example, if you have a high-frequency of claims, your premium may increase more significantly than if you have a single, isolated incident.
Can I get a COI same-day for a client?＋
Yes. Many insurance providers offer same-day COIs. However, this may depend on the complexity of your business and the requirements of your client. For example, if you need a COI for a large commercial construction project, it may take longer to process than a COI for a small residential electrical job. Be sure to ask your insurance provider about their COI processing times to ensure you can meet your client's deadlines.
Does a sole proprietor need Workers' Compensation?＋
No. Sole proprietors are not required to have Workers' Compensation in Ohio. However, they may still want to consider purchasing a policy to protect themselves from workplace accidents. For example, if a sole proprietor is injured on the job, they may be able to receive benefits under their own Workers' Compensation policy, rather than having to rely on their personal health insurance. Additionally, some clients may require sole proprietors to have Workers' Compensation before hiring them for a job.
What's not covered by Workers' Compensation?＋
Workers' Compensation does not cover damage to equipment or property, which would be covered under a different policy like Tools & Equipment insurance. Additionally, it does not cover injuries that occur while commuting to or from work, which would be covered under a Commercial Auto policy. For example, if an employee is injured in a car accident while driving to a job site, their injuries would not be covered under Workers' Compensation, but rather under the business's Commercial Auto policy.
Can I cancel my Workers' Compensation policy at any time?＋
Yes. You can cancel your Workers' Compensation policy at any time. However, you may be subject to penalties or fees for early cancellation, depending on the terms of your policy. For example, if you cancel your policy mid-term, you may be required to pay a short-rate penalty, which could be a percentage of your premium. Be sure to review your policy terms carefully before cancelling to understand any potential fees or penalties.
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Other coverages electricians in Ohio should know
This article is for general educational purposes and is not insurance or legal advice. Coverage requirements and pricing in Ohio change over time and vary by business. Verify current rules with the Ohio Department of Insurance and a licensed agent before purchasing a policy.