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Workers Comp for Masonry Contractors

There is no doubt that workplace injuries hurt workers and affect the quality of life for them and their families.  It also costs you, as a business owner, time and money.  In order to both protect your employees and prevent financial burden to your organization here are some key points about workplace injuries and workers comp.  It will affect your wallet as well as your profits.

Masonry workers have the highest and most costly injuries compare to any other contracting organization in existence.  These major construction risk means that there is less profit due to higher workers compensation rates and for workers it means that you take up less pay than others in the industry.

There is a static that insurance companies use when calculating a rate for your masonry company.  It is called experience factor and is the number that indicates how your company claims experience stacks up against others in the same line of business.  If you are less experienced than the rest of the people then your rates will be higher.  The opposite is true as well.

The sad truth of the matter is that some employers are lying about hours worked and effecting the base rate for everyone in the industry.  By underreporting hours you are increasing the cost of paycheck reduction because more accidents occur during less hours worked.  The thing is, most of the work site hours are not correctly tabulated and the understatement means more accidents in less time, increasing the cost of premiums.  So in order to lower the cost of workers comp it would be safe to say that accurate reporting of hours and job site safety would have the most immediate effect.

Don’t slow down the rest of the pack.  The way you run your business directly impacts the cost of workers compensation and so too do the number of injuries that occur.  By correctly calculating hours worked you will help the industry on the whole and stabilize the premium market.  This means less costly coverage for everyone.  IF you are still unsure about what impact workplace injuries has on workers comp for masonry contractors, please don’t hesitate to contact one of our insurance professionals.


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