Insurance for Subcontractors: Workers Compensation

 Insurance for Subcontractors: Workers Compensation

Nobody wants a member of their workforce to get hurt on the job. Not only does it affect a person emotionally, but time lost, workers compensation benefits and law suits complicate the matter. Costly lawsuits and increased premiums are a major concern for most subcontractors.

Every state has different regulations on what must be carried by a subcontractor in order to perform a job. Government jobs have very steep guidelines as to what is required because they need to make sure they are covered in case of injury, but they also mandate certain items to be carried on a policy even in the private sector.

Oftentimes, proof of a valid policy must be provided along with a bid for work. The insurance must show that it covers the scope of the work and, depending on the length of the project, a general contractor may insist on periodically checking that the policy is still valid.

Subcontractors who let their insurance lapse or defraud their employer into thinking they have a valid premium are setting themselves up for a major law suit. In the case of injury, chances are the general contractor will have insurance which covers the costs of the workers compensation claim, however, the insurance company will most likely come after the subcontractor to recoup its costs. In addition the general contractor may file a suit for providing false documentation. This is not a risk that any subcontractor should take as they stand to lose everything they have.

Insurance for subcontractors must have a workers compensation policy for every worker. Sometimes this may be just the subcontractor himself, but many times this includes one or more employees. Part time and full time employees must both be covered. Just because somebody doesn't work 40 hours a week doesn't mean they are not entitled to be reimbursed for any costs associated with work related injuries. Part time employees, however, will have some reduced benefits - like time lost at work.

The workers compensation included in most insurance for subcontractors covers more than just the cost of medical bills. It covers a legal fees if a law suit is filed, pays for time out of work, pays for rehabilitation, and pays benefits to dependents in case of death. Most policies, however do not pay for pain and suffering.

Workers compensation is full of fraudulent claims: from injuries that did not occur on the job to fake disability. With huge cash settlements, it is not hard for an injured worker to find a lawyer willing to take their case, as long as they get a significant portion of the payout. Frequently, a worker doesn't even have to find an attorney, they will come after you, trying to convince the injured employee that he can get more money out of his employer. Most insurance companies include this increased risk in their policy premiums making workers compensation insurance one of the most expensive parts of insurance subcontractor.

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