Protect Your Plumbing Business with Workers' Compensation in Oregon
Part of our guide to plumbers insurance in Oregon.
A plumber in Eugene learned the hard way that skipping Workers' Compensation can be costly. After an employee fell off a ladder, the medical bills and lost wages added up to over $10,000. Having Workers' Compensation would have covered these expenses without the owner paying out of pocket. In Oregon, workers' compensation is generally required as soon as you hire your first employee. This coverage pays for medical bills and lost wages when employees are injured on the job. Without it, you risk financial devastation. Workers' Compensation is not the same as General Liability, Commercial Auto, or Tools & Equipment insurance, which cover different aspects of your business.
Workers' Compensation cost for plumbers in Oregon
Illustrative monthly workers comp estimate for a small plumber operation in Oregon. 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 Plumbers in Oregon
Workers' Compensation for plumbers in Oregon pays for medical bills and lost wages when employees are injured on the job. For example, if an employee slips on a wet floor and breaks their ankle, Workers' Compensation would cover the medical expenses and lost wages. It also covers occupational diseases, such as those caused by exposure to hazardous materials. However, it does not cover damage to your business property or vehicles, which would be covered by other insurance policies. In Oregon, Workers' Compensation also covers vocational rehabilitation to help employees return to work after an injury.
Do Plumbers in Oregon Need Workers' Compensation?
In Oregon, workers' compensation is generally required as soon as you hire your first employee. This means that even if you only have one employee, you are still required to have Workers' Compensation. Going without it can result in significant fines and penalties, as well as the risk of paying out of pocket for costly claims. For example, if you have an employee who is injured on the job and you do not have Workers' Compensation, you could be liable for the medical expenses and lost wages, which could financially devastate your business. In practice, this means that you should factor the cost of Workers' Compensation into your business expenses as soon as you hire your first employee.
A Real Workers' Compensation Claim a Plumber Could Face
John, the owner of a plumbing business in Portland, had an employee who was injured on the job while fixing a pipe. The employee fell off a ladder and broke his leg, requiring surgery and several weeks of recovery time. The medical bills and lost wages added up to over $15,000. Fortunately, John had Workers' Compensation, which covered the entire amount. Without it, John would have had to pay out of pocket, which could have financially devastated his business. The claim was handled efficiently, and John's business was able to continue operating without interruption.
What Workers' Compensation Costs for Plumbers in Oregon
The cost of Workers' Compensation for plumbers in Oregon varies, but estimated premiums range from $55-$215/month. The cost is based on factors such as revenue, payroll, coverage limits, deductible, and claims history. For example, a plumbing business with a high revenue and large payroll may pay more for Workers' Compensation than a smaller business. Additionally, the cost may be higher for businesses that operate in high-risk areas, such as those prone to earthquakes or wildfires. In Oregon, the Cascadia Subduction Zone earthquake risk and severe wildfire risk across eastern Oregon and the Cascades during dry summer months may increase the cost of Workers' Compensation. However, by implementing safety measures and reducing claims, you can lower your premium.
How to Get Workers' Compensation in Oregon
To get Workers' Compensation in Oregon, you should gather information about your business, including revenue, payroll, and coverage limits. You should also compare quotes from different insurance providers to find the best rate. In Oregon, you can work with an insurance agent or broker to find the right policy for your business. For example, if you are based in Salem, you can work with a local agent to find a policy that meets your needs. Remember, the cost of Workers' Compensation is a small price to pay compared to the risk of paying out of pocket for costly claims. See your rate today and protect your plumbing business.
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 claims history. However, having Workers' Compensation in place can still save you from financial devastation in the long run. For example, if you have a claim that costs $10,000, your premium may increase by 10-20% in the following year. However, if you did not have Workers' Compensation, you would have had to pay the entire $10,000 out of pocket.
Can I get a COI same-day for a client?＋
Yes, you can get a certificate of insurance (COI) same-day for a client. Many insurance providers offer online platforms or mobile apps that allow you to generate a COI instantly. This can be especially helpful if you need to provide proof of insurance to a client in a hurry, such as a general contractor in Gresham who needs to verify your coverage before allowing you to work on a job site.
Does a sole proprietor need Workers' Compensation?＋
No, sole proprietors are not required to have Workers' Compensation in Oregon. However, if you hire employees, you are required to have Workers' Compensation, even if you are a sole proprietor. Additionally, having Workers' Compensation can still protect you from financial devastation in case of an accident, even if you are not required to have it. For example, if you are a sole proprietor and you are injured on the job, you may still be able to purchase Workers' Compensation to cover your medical expenses and lost wages.
What's not covered by Workers' Compensation?＋
Workers' Compensation does not cover damage to your business property or vehicles, which would be covered by other insurance policies. It also does not cover intentional injuries or injuries that occur while an employee is not working. For example, if an employee is injured in a car accident while commuting to work, Workers' Compensation would not cover the claim. However, if the accident occurs while the employee is driving a company vehicle for work purposes, Workers' Compensation may cover the claim.
Can I cancel my Workers' Compensation policy at any time?＋
Yes, you can cancel your Workers' Compensation policy at any time, but you may be subject to penalties or fees. It's generally recommended to review your policy and coverage needs annually to ensure you have the right amount of coverage for your business. Additionally, if you cancel your policy and then re-apply for coverage, you may be subject to a higher premium or other restrictions. For example, if you cancel your policy and then re-apply for coverage after a claim, your premium may increase significantly.
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Other coverages plumbers in Oregon should know
This article is for general educational purposes and is not insurance or legal advice. Coverage requirements and pricing in Oregon change over time and vary by business. Verify current rules with the Oregon Department of Insurance and a licensed agent before purchasing a policy.