What is High Risk Workers’ Compensation Insurance?
Any business that has employees runs the risk of an employee injury on the job. Which is why, regardless of industry, every business with employees is required to carry workers’ compensation insurance. Workers’ comp coverage is designed to cover an employee’s medical expenses in the event they are injured on the job. In some situations, workers’ comp will also cover lost wages in the event an employee is injured or ill.
Workers’ comp works in favor of both the employer and the employee. It provides liability coverage for the employer while simultaneously providing medical coverage for the employee. However, every business should ensure that they carry the right level of workers’ comp coverage to avoid potential liability, over, or underpayment issues.
Workers’ Compensation Classification
The National Council on Compensation Insurance, uses a classification coding system to categorize employees. Currently, there are about 800 different class codes in use. These class codes set a base rate that allows insurance agents to properly price their policies. If a business is mis-classified, that business could end up paying too much in coverage or owing money after an audit.
High-Risk Workers’ Compensation
Certain industries are typically seen as high-risk, high-hazard, or generally difficult to insure due to the nature of their work. These industries include:
PEO Insurance Brokers Network can provide coverage for the majority of companies within these industries. If you’re working with a high-risk client, fill out the form below to find out how we can help you get the right coverage for your insured.
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Get Your Insured Top of the Line Workers’ Comp Coverage
Don’t let the occupational hazards associated with your industry stop you from insuring your client. Fill out the form below to explore how we can champion the best workers’ comp coverage together.
