Protect Your Minnesota Roofing Business with Workers' Compensation
Part of our guide to roofers insurance in Minnesota.
Roofing businesses in Minnesota can expect to pay $55-$215 per month for Workers' Compensation insurance, depending on factors like revenue and payroll. This coverage is essential for protecting your business from the financial burden of employee injuries. In Minnesota, workers' compensation is generally required as soon as you hire your first employee. Without it, you risk paying out of pocket for medical bills and lost wages, which can be devastating to your business. For example, a single claim can cost tens of thousands of dollars, making Workers' Compensation a necessary investment for any roofer in Minnesota.
Workers' Compensation cost for roofers in Minnesota
Illustrative monthly workers comp estimate for a small roofer operation in Minnesota. 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 Roofers in Minnesota
Workers' Compensation insurance for roofers in Minnesota pays for medical bills and lost wages when employees are injured on the job. For example, if an employee falls off a roof in Rochester and breaks their leg, Workers' Compensation will cover the medical bills and a portion of their lost wages. This coverage also handles claims for repetitive stress injuries, such as carpal tunnel syndrome, which can occur from repetitive tasks like hammering or lifting. However, it does not cover damage to vehicles or equipment, which would be covered under a Commercial Auto policy. In Bloomington, a roofer's employee might injure their back while lifting heavy shingles, and Workers' Compensation would cover the resulting medical bills and lost wages.
Do Roofers in Minnesota Need Workers' Compensation?
In Minnesota, workers' compensation is generally required as soon as you hire your first employee. This means that even small roofing businesses with just one or two employees need to carry Workers' Compensation insurance. Without it, you risk paying out of pocket for medical bills and lost wages, which can be devastating to your business. For example, a single claim can cost tens of thousands of dollars, making Workers' Compensation a necessary investment for any roofer in Minnesota. Additionally, many general contractors and commercial property owners in Minnesota require roofing subcontractors to carry Workers' Compensation with limits matching the project scope, so having this coverage can also help you secure more contracts and grow your business.
A Real Workers' Compensation Claim a Roofer Could Face
A roofer in Minneapolis might face a Workers' Compensation claim when an employee falls off a roof and breaks their ankle, resulting in $20,000 in medical bills and $10,000 in lost wages. The employee was working on a residential roof in a suburban neighborhood when they lost their footing and fell. The Workers' Compensation policy would cover the medical bills and a portion of the lost wages, without the owner paying out of pocket. This claim would be handled by the insurance company, which would work with the employee and the medical providers to ensure that the employee receives the necessary treatment and benefits. The owner would avoid paying the full $30,000 out of pocket, which could be a significant financial burden for a small business.
What Workers' Compensation Costs for Roofers in Minnesota
The cost of Workers' Compensation insurance for roofers in Minnesota can vary depending on factors like revenue, payroll, coverage limits, deductible, and claims history. For example, a small roofing business in St. Paul with $200,000 in annual revenue and two employees might pay around $100 per month for Workers' Compensation, while a larger business in Rochester with $1 million in annual revenue and ten employees might pay $500 per month. The extreme cold and blizzards in Minnesota can also increase the cost of Workers' Compensation, as they can lead to more slip-and-fall accidents and other injuries. To lower their premium, roofers can take steps like implementing safety protocols, providing training to employees, and maintaining a clean claims history.
How to Get Workers' Compensation in Minnesota
To get Workers' Compensation insurance in Minnesota, roofers should gather information about their business, including revenue, payroll, and employee information. They should also consider the coverage limits and deductible they need, and compare quotes from different insurance companies. In Minneapolis, a roofer might work with a local insurance agent to find the best policy for their business. Bundling Workers' Compensation with other core policies, like General Liability and Commercial Auto, can often lower the total cost. To get started, roofers can get a quote from a licensed insurance professional and begin protecting their business from the financial risks of employee injuries.
Frequently asked questions
Will my Workers' Compensation premium jump after one claim?＋
Yes, possibly. The impact of a claim on your premium depends on the severity of the injury, the cost of the claim, and your business's overall claims history. However, many insurance companies offer programs to help businesses manage their claims and reduce their premiums over time. For example, some companies offer safety training and risk management services to help roofers reduce their risk of accidents and lower their premiums.
Can I get a COI same-day for a client?＋
Yes, often. Many insurance companies offer same-day certificates of insurance (COIs) for Workers' Compensation policies. This can be especially helpful for roofers who need to provide proof of insurance to clients or general contractors quickly. However, it's always best to check with your insurance company ahead of time to confirm their COI process and timing.
Does a sole proprietor need Workers' Compensation?＋
Not always. In Minnesota, sole proprietors are not required to carry Workers' Compensation insurance unless they have employees. However, some sole proprietors may still choose to purchase Workers' Compensation insurance to cover themselves in case of an injury. This can be especially important for roofers, who often work at heights and face a higher risk of injury. Sole proprietors should consult with a licensed insurance professional to determine their specific needs and options.
What is not covered by Workers' Compensation?＋
Workers' Compensation does not cover damage to vehicles or equipment, which would be covered under a Commercial Auto policy. It also does not cover injuries that occur outside of work or that are not related to the employee's job duties. For example, if an employee is injured in a car accident on their way to work, Workers' Compensation would not cover the claim. However, if the employee is injured while driving a company vehicle for work purposes, Workers' Compensation might cover the claim, depending on the specific circumstances.
Can I cancel my Workers' Compensation policy at any time?＋
Yes, but be aware of the potential consequences. Canceling your Workers' Compensation policy can leave your business vulnerable to financial risks if an employee is injured on the job. Additionally, some contracts or clients may require you to maintain Workers' Compensation insurance, so canceling your policy could impact your ability to work with those clients. It's always best to consult with a licensed insurance professional before making any changes to your Workers' Compensation policy.
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Other coverages roofers in Minnesota should know
This article is for general educational purposes and is not insurance or legal advice. Coverage requirements and pricing in Minnesota change over time and vary by business. Verify current rules with the Minnesota Department of Insurance and a licensed agent before purchasing a policy.