Protecting Your Business with Workers' Compensation in Wisconsin
Part of our guide to general contractors insurance in Wisconsin.
You need Workers' Compensation Insurance in Wisconsin if you have employees. This coverage pays for medical bills and lost wages when employees are injured on the job. In Wisconsin, the risk of workplace injuries is heightened by severe winters and spring flooding, making Workers' Compensation a necessity. You face significant financial risks without this coverage, including medical bills, lost wages, and potential lawsuits. Your business reputation and finances are at stake if you don't have Workers' Compensation. The state's active workers' compensation system and mandatory coverage for most employers with employees make it a critical component of your business insurance portfolio.
Workers' Compensation cost for general contractors in Wisconsin
Illustrative monthly workers comp estimate for a small general contractor operation in Wisconsin. 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 General Contractors in Wisconsin
Workers' Compensation Insurance covers medical bills and lost wages when your employees are injured on the job. This includes injuries from accidents, such as falls or equipment malfunctions, as well as occupational diseases, like respiratory problems from inhaling dust or chemicals. For example, if an employee falls from a scaffold in Milwaukee and breaks their leg, Workers' Compensation will cover their medical bills and lost wages while they recover. However, Workers' Compensation does not cover injuries that occur outside of work or during commuting. It also does not cover intentional acts or injuries caused by the employee's intoxication or drug use. As a general contractor, you need to understand what is covered and what is not to ensure you have the right protection for your business.
Do General Contractors in Wisconsin Need Workers' Compensation?
In Wisconsin, workers' compensation is generally required once you have 3 or more employees. This means that if you have a small team of employees, you are required by law to carry Workers' Compensation Insurance. Failure to comply with this requirement can result in significant fines and penalties. Moreover, without Workers' Compensation, you risk being held personally liable for employee injuries, which can lead to financial ruin. Even if you have fewer than 3 employees, you may still want to consider carrying Workers' Compensation to protect yourself and your business from potential lawsuits. Additionally, many clients and contractors in Wisconsin require general contractors to have Workers' Compensation before hiring them for a project, so having this coverage can give you a competitive edge in the market.
A Real Workers' Compensation Claim a General Contractor Could Face
It was a routine job until one of your employees slipped on a patch of ice at a construction site in Green Bay and injured their back. The employee required surgery and several months of rehabilitation, resulting in significant medical bills and lost wages. Fortunately, your Workers' Compensation policy covered the entire cost, including the employee's medical expenses and lost wages, without you having to pay out of pocket. The policy paid over $100,000 in medical bills and lost wages, which would have been devastating for your business if you didn't have Workers' Compensation. The claim was handled efficiently, and your employee received the necessary care and compensation, allowing them to return to work as soon as possible.
What Workers' Compensation Costs for General Contractors in Wisconsin
The cost of Workers' Compensation Insurance for general contractors in Wisconsin varies depending on several factors, including revenue, payroll, coverage limits, deductible, and claims history. Estimated premiums range from $55-$215/month, but this can increase or decrease based on your specific business needs and risk profile. For example, if you have a high-risk job site in Kenosha with a history of accidents, your premiums may be higher. On the other hand, if you have a safe work environment and a low claims history, you may be able to negotiate lower premiums. Additionally, you can take steps to reduce your premiums, such as implementing safety protocols, providing training to your employees, and maintaining a clean claims history. By understanding the factors that affect your premiums, you can work with your insurance provider to find a policy that meets your needs and budget.
How to Get Workers' Compensation in Wisconsin
To get Workers' Compensation Insurance in Wisconsin, you need to gather some information about your business, including your revenue, payroll, and coverage limits. You should also consider any contract requirements or client mandates, such as the need for a certificate of insurance (COI) or a specific coverage limit. For example, if you're working on a project in Madison, you may need to have a COI that shows you have Workers' Compensation coverage. Once you have this information, you can compare quotes from different insurance providers to find the best policy for your business. Be sure to ask about any discounts or incentives that may be available, such as a discount for having a safe work environment or a low claims history. By comparing quotes and understanding your options, you can find a Workers' Compensation policy that meets your needs and budget, and provides the protection you need to run your business with confidence. To get started, have your revenue, payroll, and contract requirements ready, and compare Workers' Compensation quotes today.
Frequently asked questions
Will my Workers' Compensation premium jump after one claim?＋
Yes, it may increase. The amount of the increase depends on the severity of the claim and your overall claims history. If you have a high-risk job site or a history of frequent claims, your premiums may increase more significantly. However, if you have a low claims history and implement safety protocols to prevent future accidents, you may be able to minimize the impact of a single claim on your premiums.
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 policy and the requirements of your client. Be sure to ask your insurance provider about their COI process and any additional fees that may apply. Some providers may also offer electronic COIs, which can be issued quickly and conveniently online.
Does a sole proprietor need Workers' Compensation?＋
No, sole proprietors are not required to carry Workers' Compensation in Wisconsin. However, if you have employees, you are required to carry Workers' Compensation, even if you are a sole proprietor. Additionally, some clients or contractors may require you to have Workers' Compensation, even if you don't have employees, as a condition of working with them.
What's not covered by Workers' Compensation?＋
Workers' Compensation does not cover injuries that occur outside of work or during commuting. It also does not cover intentional acts or injuries caused by the employee's intoxication or drug use. Additionally, Workers' Compensation may not cover certain types of employment, such as independent contractors or volunteers. Be sure to review your policy carefully to understand what is covered and what is not.
Can I cancel my Workers' Compensation policy at any time?＋
Yes, you can cancel your Workers' Compensation policy, but you may be subject to penalties or fees. Be sure to review your policy carefully to understand the cancellation process and any potential consequences. Additionally, if you have employees, you may be required to maintain Workers' Compensation coverage, even if you cancel your policy, to comply with Wisconsin state law.
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Other coverages general contractors in Wisconsin should know
This article is for general educational purposes and is not insurance or legal advice. Coverage requirements and pricing in Wisconsin change over time and vary by business. Verify current rules with the Wisconsin Department of Insurance and a licensed agent before purchasing a policy.