Summerville Workers' Compensation Insurance
Find the right workers' compensation policy at a great price.
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Businesses in Summerville, South Carolina, are required by law to pay for some types of business insurance, including workers' compensation coverage.
If one of your employees becomes ill or is injured while working, your workers' compensation coverage helps them pay for necessary medical bills so they can recover and return to work. It also protects your company from expensive and time-consuming liability lawsuits.
Find an agent in Summerville today. An independent agent can help you start saving money on your workers' compensation insurance premiums right away.
What Are the Basics of Workers' Compensation Laws in SC?
Business owners in South Carolina must provide workers' compensation coverage for their employees, even if their workers aren't performing dangerous tasks in the course of their workday.
In South Carolina, the business must pay 100% of the workers' compensation insurance premium. For some companies, this expense can climb to uncomfortably high levels. While it may seem like a good idea to skip this type of insurance, doing so can have dire consequences for a business.
If you don't provide your employees with the state-mandated workers' compensation coverage they are entitled to, your company could be subject to steep fines. When an employee uses their workers' compensation insurance policy to pay for medical bills after a covered incident, it saves the business from going through an expensive liability lawsuit as well.
What Does Workers' Compensation Cover in Summerville, SC?
Workers' compensation coverage pays for medical bills if your employee is injured or becomes ill as the result of their work activities. It may provide wage replacement if your worker must take time off to recover. Severe injuries or long illnesses may require your employee to file for disability benefits, which workers' compensation insurance also covers.
If an accident or illness results in the death of your employee, their family receives a death benefit.
In South Carolina, your workers' compensation insurance policy protects the business from a liability lawsuit. Even if your workers don't have a dangerous job, workers' compensation is essential coverage.
Who Does Workers' Compensation Cover in Summerville, SC?
Your employees are entitled to workers' compensation coverage under South Carolina law. There are some instances where employers are not required to provide coverage.
- You have fewer than four employees (full-time or part-time)
- Subcontractors employed by your contractor are already covered under another workers' compensation plan
- Your total annual payroll during the past year for all employees was less than $3,000
- Your employees are commission-paid real estate agents
How Much Does South Carolina Workers' Comp Cost?
Your workers' compensation insurance premiums are set by individual insurance companies using the following information:
- NCCI Industry Classification Code
- Total annual payroll amount
- Workers' compensation insurance claims history
- Location
Each of your workers has a job title and a corresponding classification code that helps underwriters categorize jobs by the statistical risk that a worker in a similar position may become ill or be injured while at work.
It's important to verify that each of your employees is assigned the correct classification code. Otherwise, you could end up paying way too much for workers' compensation insurance.
If your company has filed workers' compensation claims in the past, you may pay slightly higher rates than a similar company without any recent claims. Underwriters look at your company's claims history to help them assess the risk that you'll file claims in the future.
South Carolina Workers’ Compensation Base Rates
The National Council of Compensation Insurance determines the base rate for common job titles in South Carolina using risk ratings and job classification codes.
Here are some examples of base rate ranges per $100 of employer payroll.
Rates are subject to change each year.
- 5183 Plumbing Contractors: $2.45 - $6.58
- 5551 Roofing Contractors: $18.12 - $48.63
- 7230 Package and Parcel Delivery: $10.67 - $28.64
- 7605 Alarm Installation & Repair: $1.91 - $5.13
- 8810 Clerical - Office Employee: $0.14 - 0.38
- 8832 Medical Office - Doctor, Dentist, Chiropractor, Optometrist: $0.23 - $0.62
Your agent can talk with your insurer to help them understand your company's management and safety policies related to on-the-job safety. Using an insurance rate-finder or quote engine on the internet may give you quick answers to your questions about workers' compensation insurance premiums, but you won't have the advantage of a local agent working to get you the lowest possible rates.
Save on Workers' Comp Insurance
Our independent agents shop around to find you the best coverage.
How Experience Rating Affects Workers' Compensation Costs
Your company has an experience modification rate (EMR) if you pay more than $4,500 on average each year for workers' compensation insurance or if your premium was more than $9,000 last year.
A higher EMR means you could pay more for workers' compensation coverage. If you have a history of work-related accidents at your business, it could negatively affect your EMR for three years.
Your agent can talk with you about your EMR and ways you could help make your business safer, reduce workers' compensation claims, and get a lower rate on your business insurance premiums.
How to Get Workers' Compensation Insurance Discounts
Average rates on the internet may seem low compared to what you currently pay for workers' compensation claims, but they may be skewed for a different type of business or they may be for a company in a different part of the country.
To get the appropriate discounts for your area, business type, and business size, you'll need to start with customized quotes from a local independent insurance agent. Your agent will take the time to learn a bit about your business so they can recommend ways that you could save money on insurance. They'll also be able to match you with an insurance company that works with your type of company.
Sole proprietors, members of an LLC, and partners aren't legally required to have workers' compensation coverage in SC. Your corporate officers can also choose to exclude themselves from coverage, which could save you money on premiums.
Your agent will walk you through all the possible discounts and how you can get the lowest possible rates on this vital policy.
Most Common Workers' Compensation Claims in SC
Your South Carolina employees are most at risk of slip and fall and trip and fall injuries. Of course, every business has risks that may not be accounted for in the averages. Other common injuries and illnesses resulting in workers' compensation claims include brain injuries, repetitive motion injuries, occupational illness, and chemical exposure
Your agent can help you understand how your workers' compensation insurance policy protects your business from expensive liability lawsuits. They can also suggest ways that you can help your employees avoid some of the most common types of injuries.
Even the most safety-conscious businesses occasionally have an employee who gets injured or falls ill. That's when it's important to have a great workers' compensation insurance policy backed by a company with a solid reputation.
Where Can You Purchase Coverage?
While most Summerville employers can get the workers' compensation coverage they need to comply with South Carolina law from a commercial insurer licensed in the state, those with recent claims may need special help.
If you need coverage from a South Carolina assigned risk program, your agent can get in touch with the National Council on Compensation Insurance (NCCI) to get the state-mandated coverage you need.
Not every insurer offering workers' compensation coverage on the internet is licensed in South Carolina. The best way to make sure you work with a good company is to let your independent Summerville agent help you find the right insurer.
How a Summerville, South Carolina, Independent Agent Can Help
Your company's financial stability is at risk when you don't have the right types and amounts of business insurance. Workers' compensation coverage is a state-required policy that all Summerville employees must purchase and provide to their workers.
Let a Summerville independent agent help you get the coverage you need at a great price. They'll walk you through the requirements, make sure you have the right policies, and they'll even stand by you if you need to make a claim.
https://www.workcompconsultant.com/s40-south-carolina-workers-compensation/