Workers Compensation Insurance

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Commercial workers compensation insurance (also known as workers’ comp) covers an employer against claims from injured workers. This coverage pays for lost wages, medical expenses, and rehabilitation. It is mandated by law in every state and is an important safety net for businesses. It is a form of social insurance that relies on a social contract between labor and management. It also protects business owners against civil suits brought by injured employees. In most states, workers compensation insurance is purchased by businesses and is underwritten by an insurance company or publicly supported state fund.

When choosing workers compensation insurance, make sure you consider the costs associated with the coverage. Most policies require an employer to have at least one full-time employee. However, employers can also cover contractors or executive officers who may not be employed full-time. In addition, employers cannot charge their employees for this coverage. Some large private employers choose to self-insure their claims, but these companies must meet certain financial requirements.

The Workers Compensation Occurrence Limit for your commercial workers compensation insurance policy is the maximum amount of coverage that your insurer will pay out if an employee suffers an injury or illness due to the employer’s negligence. It will cover the costs associated with an employee’s claim, as well as the legal liability of the employer. In most cases, the Workers Compensation Occurrence Limit for a commercial workers compensation insurance policy is $500k. Increasing this limit can cost as much as 2% to 3% of your premium.

When choosing a Workers Compensation Occurrence Limit for a commercial workers compensation insurance policy, it’s important to consider the number of claims that your company has made. The higher the number, the more your premium will be. Insurers use the NCCI class code system to determine the likelihood of an employee making a claim and their level of risk. If your employees are working in dangerous conditions, their claims will be more expensive.

There are some exceptions to the Workers Compensation Occurrence Limit. Smaller companies with only one or two employees do not need to carry the coverage. But larger companies need larger limits. $100,000 can be eaten up in no time if a crane hits someone and they need medical care. Once these limits are exhausted, the employer is responsible for the medical care of the employee. In New York, workers compensation will be collected until the employee recovers or is discharged by a medical professional.

Businesses that require a high level of coverage should consider an assigned risk plan. These types of policies are ideal for high-risk businesses with a history of high-risk claims. However, they often carry a surcharge over standard premium rates.

Purchasing a workers compensation insurance policy is essential to ensure that your business is protected against the possibility of employee injuries. These policies pay for medical expenses and lost wages when an employee is injured on the job. The amount of the aggregate limit you can purchase varies from policy to policy and is determined by the amount of risk your business poses to employees. You may also want to consider adding additional limits to your coverage through an umbrella/excess policy.

Many insurers offer stop-loss insurance to compensate for catastrophic losses. These policies are similar to commercial work comp insurance in that they cover claims up to a certain limit. However, you must understand the rules about deductibles and the applicable loss elimination ratio. This metric determines how much your insurance provider will reimburse if your employee’s claim exceeds your deductible limit.

For example, imagine that your workers compensation policy pays out wage loss reimbursement of $2,000 per month to an employee. However, the aggregate limit of that policy is $50,000 for payments to a single individual. In this case, the wage loss incurred by Mr. Doe is far greater than the maximum of $2,000 per month. Nevertheless, your no-fault insurer does not dispute the need to compensate him for his wage loss.

In addition to the commercial Workers Compensation Aggregate Limit, there is also the Employers’ Liability Insurance. This insurance policy provides protection against liability for the negligence of employers and covers injuries and illnesses in the workplace. The insurance policy also provides death benefits to dependents of injured workers.

Professional service businesses can be hit by completed operations claims, which are based on work completed outside the business premises. These types of claims can arise because of faulty work and result in property damage or bodily injury. For example, a contractor renovating a client’s kitchen might be sued by the client after a cabinet falls. The contractor could have to pay for the lawsuit and the legal defense, but a Workers Compensation product completed operations insurance policy would help cover these costs.


Before working on a construction project, a subcontractor should be familiar with the requirements for Commercial Workers Compensation Insurance (CWC). Many states require contractors to carry this insurance, but there are exceptions. Some states, such as Missouri, allow a waiver of coverage. If a subcontractor is unable to provide a Certificate of Insurance, he or she should contact their insurance company. They will be happy to verify that the subcontractor is covered and to discuss any questions about the policy.

A subcontractor may be a client of an employee leasing company. If this is the case, a contractor should obtain a certificate of liability insurance and written confirmation of workers’ compensation coverage from the subcontractor. If this is not possible, a contractor may want to consider an independent insurance agent. These agents can help subcontractors with insurance needs, including coverage for death and work-related illnesses. They can also help a subcontractor plan for retirement and estate planning. By working with an independent insurance agent, a subcontractor can optimize his or her financial future.

It is important to understand the details of Commercial Workers Compensation Insurance for subcontractors. Generally, it is mandatory for subcontractors to carry this insurance to protect their employees. This policy covers short and long-term medical costs for employees, lost wages, and legal fees. Without COI, an employer may be held liable for their subcontractor’s payroll.

A contract between a general contractor and subcontractor should mandate the subcontractor’s workers’ compensation coverage. This coverage is required by law, and if a subcontractor fails to carry this insurance, a general contractor may be held liable. In addition, general contractors should require subcontractors to sign a contract that holds them harmless if an employee of the general contractor is injured on the job site.


Most states require businesses to have a workers’ compensation insurance policy. This policy pays for workers’ medical expenses and lost wages in the event of an injury. It also protects the business owner. The process of getting a workers’ compensation quote is easy and quick. All you need to do is provide a few basic details about your business and you can get several quotes.

Before you get a workers’ compensation insurance policy, it’s important to understand the requirements. In most cases, the policy limits are based on the number of employees. This makes it important to discuss these details with an insurance agent. If you have employees other than the owner, it’s even more important to have this policy.

While the amount of premium you pay for this coverage is a complex issue, there are ways to reduce your premiums. One way is to develop a risk management program. You can hire risk management staff at your insurance company to assist you with this task, or you can assign risk management tasks to employees. It’s also important to classify your employees properly in your insurance policy. Classifying employees under the wrong classification could result in higher premiums.

Another option is to combine your workers’ compensation insurance with a business owner’s policy. This policy combines workers’ compensation insurance and general liability insurance to protect your business. It also covers your property and equipment. You can bundle these policies to save even more money on your premiums. One benefit of this policy is that it lets you make changes to the policy at any time.

It is a standard policy of PBIB to quote, using multiple carriers.