Protect Your Oklahoma Roofing Business with Workers' Compensation Insurance
Part of our guide to roofers insurance in Oklahoma.
You need Workers' Compensation Insurance in Oklahoma as soon as you hire your first employee. This coverage pays for medical bills and lost wages when employees are injured on the job. In Oklahoma, the risk environment is high due to tornadoes and severe hailstorms, making Workers' Compensation crucial. General contractors and commercial property owners in Oklahoma City and Tulsa require roofing subcontractors to carry Workers' Compensation before allowing them on a roof.
Workers' Compensation cost for roofers in Oklahoma
Illustrative monthly workers comp estimate for a small roofer operation in Oklahoma. 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 Oklahoma
Workers' Compensation Insurance for roofers in Oklahoma covers medical bills and lost wages when employees are injured on the job. This includes injuries from falls, equipment accidents, and severe weather conditions like tornadoes and hailstorms. For example, if an employee falls off a roof in Oklahoma City, Workers' Compensation would cover their medical bills and lost wages. However, it does not cover damages to vehicles, equipment, or property, which would be covered under a different policy like Commercial Auto or General Liability. In Oklahoma, Workers' Compensation also covers occupational diseases, such as those caused by prolonged exposure to hazardous materials.
Do Roofers in Oklahoma Need Workers' Compensation?
In Oklahoma, 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 Insurance. Without it, you risk facing significant fines and penalties, as well as being personally liable for employee injuries. In practice, this means that you should factor Workers' Compensation into your business expenses from the start. Going without it can be costly, especially in Oklahoma's high-risk environment. For example, if an employee is injured on the job and you don't have Workers' Compensation, you could be responsible for paying their medical bills and lost wages out of pocket.
A Real Workers' Compensation Claim a Roofer Could Face
It was a routine job in Tulsa until one of your employees fell off a roof and suffered a serious injury. The employee required surgery and several weeks of recovery time, resulting in significant medical bills and lost wages. Fortunately, you had Workers' Compensation Insurance, which covered the employee's medical bills and lost wages, totaling over $10,000. Without Workers' Compensation, you would have been responsible for paying these costs out of pocket, which could have been devastating for your business. The policy also helped you to avoid a potential lawsuit from the employee, which could have resulted in even more costly damages.
What Workers' Compensation Costs for Roofers in Oklahoma
The cost of Workers' Compensation Insurance for roofers in Oklahoma varies, but estimated premiums range from $55-$215/month. The specific factors that affect the price of this coverage include revenue, payroll, coverage limits, deductible, and claims history. In Oklahoma, the high risk of tornadoes and severe hailstorms can also impact the cost of Workers' Compensation. For example, if your business is located in an area prone to severe weather, your premium may be higher. However, you can lower your premium by maintaining a safe work environment, implementing safety protocols, and avoiding claims. Additionally, shopping around and comparing quotes from different insurers can help you find the best rate for your business.
How to Get Workers' Compensation in Oklahoma
To get Workers' Compensation Insurance in Oklahoma, you'll need to gather some information about your business, including revenue, payroll, and any contract limit requirements. You should also consider the specific risks associated with your business, such as the location and type of work you do. In Oklahoma City, for example, you may need to consider the risk of tornadoes and severe hailstorms. Once you have this information, you can compare Workers' Compensation quotes from different insurers to find the best rate 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 implementing safety protocols. Have your revenue, payroll, and contract limit requirements ready and compare Workers' Compensation quotes today.
Frequently asked questions
Will my Workers' Compensation premium jump after one claim?＋
Yes. After a claim, your premium may increase. However, the amount of the increase will depend on the specifics of the claim and your overall claims history. If you have a history of frequent or costly claims, your premium may increase more significantly. On the other hand, if you have a safe work environment and few claims, your premium may not increase as much.
Can I get a COI same-day for a client?＋
Yes. Many insurers offer same-day COIs for Workers' Compensation. However, this may depend on the specifics of your policy and the requirements of your client. Be sure to ask your insurer about their COI process and any requirements they may have. In some cases, you may need to provide additional information or documentation to obtain a same-day COI.
Does a sole proprietor need Workers' Compensation?＋
No. In Oklahoma, sole proprietors are not required to have Workers' Compensation Insurance. However, if you have employees, you will need to have Workers' Compensation to cover them. Even if you don't have employees, you may still want to consider having Workers' Compensation to protect yourself in case of an injury. As a sole proprietor, you may be able to purchase an individual Workers' Compensation policy to cover yourself.
What's not covered by Workers' Compensation?＋
Workers' Compensation does not cover damages to vehicles, equipment, or property. It also does not cover injuries that occur outside of work or that are not related to work. For example, if an employee is injured in a car accident on their way to work, Workers' Compensation would not cover their medical bills or lost wages. In these cases, you may need to have other types of insurance, such as Commercial Auto or General Liability, to cover these risks.
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 certain penalties or fees for early cancellation. Be sure to review your policy and understand the terms and conditions before cancelling. You should also consider the potential risks of not having Workers' Compensation, such as being personally liable for employee injuries. If you need to cancel your policy, you may want to consider shopping around for a new policy to ensure you have the coverage you need.
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Other coverages roofers in Oklahoma should know
This article is for general educational purposes and is not insurance or legal advice. Coverage requirements and pricing in Oklahoma change over time and vary by business. Verify current rules with the Oklahoma Department of Insurance and a licensed agent before purchasing a policy.