As someone in the construction industry, you may be wondering where to go to find workers’ comp for general contractors. Due to the risk involved in this line of work, it is sometimes hard to secure workers’ comp insurance at an affordable price. It’s not impossible though, and there are several options you should consider before making a decision.
Insurance Policy through an Insurance Company
Insurance companies can sometimes find workers’ comp for general contractors. However, before they will cover a business in an industry with such a high level a risk, they will want to see the accident history of the company. This proves especially challenging with new businesses or businesses who have had some claims in the past.
Workers’ comp insurance is also just one small piece of all of the responsibilities and legalities that come with having employees. There are other options for coverage that can be of invaluable assistance when it comes to HR and employee-related tasks.
Workers’ Comp for General Contractors through a PEO
PEOs (Professional Employer Organizations) also known as Employee Leasing Companies can help general contractors, and businesses in just about every industry obtain workers’ comp coverage. A PEO forms a co-employer relationship with the business to help with not just insurance, but also payroll processing, HR, compliance, benefits and more. This is especially helpful to new businesses who need help staying updated with ever-changing employment-related laws at the national and state level.
PEOs are usually able to help find workers’ comp for general contractors because they are more willing to take on the risk in this industry. By bundling the payroll with the workers’ comp and other services, GC’s generally find they save money and time by having less administrative work interfering with their day to day operations.
If you are a general contractor, or in the construction industry, we can help you find a PEO solution! Contact us today for a free quote.