Protect Your Plumbing Business with Workers' Compensation Insurance in Wisconsin
Part of our guide to plumbers insurance in Wisconsin.
Workers' Compensation Insurance pays for medical bills and lost wages when your employees are injured on the job, but it does not cover damage to your tools or equipment. In Wisconsin, severe winters and spring flooding can increase the risk of workplace accidents. You need to understand what Workers' Compensation covers and how it can protect your business. Workers' Compensation is required in most states, including Wisconsin, once you have employees. The cost of not having Workers' Compensation can be severe, including fines and lawsuits. Your business cannot afford to go without it.
Workers' Compensation cost for plumbers in Wisconsin
Illustrative monthly workers comp estimate for a small plumber 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 Plumbers in Wisconsin
Workers' Compensation Insurance pays for medical bills and lost wages when your employees are injured on the job. This coverage is essential for plumbers in Wisconsin, where severe winters and spring flooding can increase the risk of workplace accidents. For example, if an employee slips on ice while working on a job site in Milwaukee, Workers' Compensation Insurance will cover their medical bills and lost wages. On the other hand, if an employee damages their personal tools while working, Workers' Compensation Insurance will not cover the cost of replacement. You need to understand what Workers' Compensation covers and how it can protect your business. Workers' Compensation Insurance also covers rehabilitation costs and death benefits in the event of a fatal accident. You can also expect to see a reduction in your premium if you have a good claims history.
Do Plumbers 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 plumbing business with a few employees, you will need to have Workers' Compensation Insurance. The risk of going without Workers' Compensation can be severe, including fines and lawsuits. If an employee is injured on the job and you do not have Workers' Compensation Insurance, you may be liable for their medical bills and lost wages. This can be a significant financial burden for your business. Additionally, many clients in Wisconsin, including general contractors and commercial property managers, require plumbers to have Workers' Compensation Insurance before hiring them. You will need to provide proof of insurance before starting work on a job site. Having Workers' Compensation Insurance can also help you attract and retain employees, as it provides them with financial protection in the event of an injury.
A Real Workers' Compensation Claim a Plumber Could Face
A plumber in Green Bay had an employee who fell off a ladder while working on a job site, resulting in a broken leg and $10,000 in medical bills. The employee was unable to work for several months, resulting in $5,000 in lost wages. Workers' Compensation Insurance covered the medical bills and lost wages, totaling $15,000. The plumber was able to avoid paying out of pocket for the expenses and avoid a costly lawsuit. The employee was able to receive the medical treatment they needed and return to work once they were healed. The plumber's Workers' Compensation Insurance premium was $100 per month, which was a small price to pay for the financial protection it provided. The plumber was able to focus on running their business, rather than worrying about the financial consequences of an injury. The employee's injury was a reminder of the importance of having Workers' Compensation Insurance, and the plumber was grateful to have had the coverage in place.
What Workers' Compensation Costs for Plumbers in Wisconsin
The cost of Workers' Compensation Insurance for plumbers in Wisconsin can vary depending on several factors, including revenue, payroll, coverage limits, deductible, and claims history. You can expect to pay $55-$215 per month for Workers' Compensation Insurance, depending on your business's specific needs. For example, a small plumbing business with a few employees and low revenue may pay less for Workers' Compensation Insurance than a larger business with many employees and high revenue. The cost of Workers' Compensation Insurance is also affected by the type of work your employees do and the level of risk involved. Plumbers who work in high-risk environments, such as construction sites, may pay more for Workers' Compensation Insurance than those who work in lower-risk environments, such as residential homes. You can lower your premium by implementing safety protocols and providing training to your employees. You can also shop around for insurance quotes to find the best rate for your business.
How to Get Workers' Compensation in Wisconsin
To get Workers' Compensation Insurance in Wisconsin, you will need to gather information about your business, including revenue, payroll, and claims history. You will also need to determine the coverage limits and deductible you need. You can work with an insurance agent to compare quotes and find the best rate for your business. Many insurance companies offer Workers' Compensation Insurance, and you can also purchase it through the Wisconsin Workers' Compensation Insurance program. You can expect to pay $55-$215 per month for Workers' Compensation Insurance, depending on your business's specific needs. In cities like Madison and Kenosha, you can find insurance agents who specialize in Workers' Compensation Insurance for plumbers. By bundling Workers' Compensation Insurance with your other core policies, you can often lower the total cost of your insurance premiums. Get your quote today and protect your plumbing business from the financial consequences of workplace accidents.
Frequently asked questions
Will my Workers' Compensation premium jump after one claim?＋
Yes. Your premium may increase after a claim, depending on the severity of the injury and the cost of the claim.
Can I get a COI same-day for a client?＋
Yes. Many insurance companies offer same-day certificates of insurance (COIs) for clients who require proof of Workers' Compensation Insurance. You can work with an insurance agent to obtain a COI and provide it to your client.
Does a sole proprietor need Workers' Compensation?＋
No. Sole proprietors are not required to have Workers' Compensation Insurance in Wisconsin, but they may still want to consider purchasing it to protect themselves from financial liability in the event of an injury. As a sole proprietor, you can also purchase Workers' Compensation Insurance to cover yourself and any employees you may hire in the future.
What's not covered by Workers' Compensation?＋
Workers' Compensation Insurance does not cover damage to your tools or equipment, nor does it cover injuries that occur outside of work. You will need to purchase separate insurance policies to cover these risks, such as General Liability Insurance or Tools and Equipment Insurance.
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 for early cancellation. You should also consider the potential consequences of not having Workers' Compensation Insurance, including fines and lawsuits.
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Other coverages plumbers 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.