If you own your own carpentry business, it’s important to have workers’ compensation insurance to protect your company and your employees if they become injured on the job. Carpentry involves heavy machinery, tools, and equipment that causes higher risk. If an injury occurs, it’s vital to be prepared and have workers comp insurance for carpenters.
Whether you’re a seasoned carpenter with years of business experience or are just getting started with your own carpentry business, we’re here to help! This guide breaks down workers’ compensation insurance for carpenters, why you need it, and how you can streamline your work comp to help your business thrive.
Here’s what you need to know.
Carpentry Class Codes and Your Work Comp Policy
The class code for carpenters is 5403. This code helps your state determine the risks associated with your carpentry business’ operations. It also helps states differentiate between similar jobs with separate risk levels.
For instance, carpentry that deals with business-related construction is classified under a different code than finish carpentry, which deals with interior construction and woodworking. Because these jobs include different risks, the state uses different codes for insurance purposes.
Code 5403 covers business operations involving general carpentry work such as the construction of bridges, decks, wood silos, tanks, gazebos, pergolas, trellises, playground equipment, and even carpentry repair from termite damage. This code also covers any carpentry operations on commercial structures.
If your business deals with interior carpentry, such as interior trim or any construction inside a building less than three stories tall, your class code is 5437.
Class codes are very important. If your business is assigned the wrong code(s), then you could be paying more than you need to and not have the right coverage. Here at Direct Work Comp, our team of experts can help you understand your state’s class codes and requirements surrounding workers’ compensation insurance for carpenters.
Why You Need Work Comp Insurance for Carpenters
When you own a carpentry business, having the right workers’ compensation is essential. Below are three reasons workers’ comp insurance for carpenters is a must.
To Align with Your State’s Requirements
No matter what kind of business you own, most states require you to have workers’ compensation insurance. If you’re not sure what your state requires, consult our professionals at Direct Work Comp to make sure you’re in compliance with the law.
To Protect Your Carpentry Business
A significant reason you need workers’ compensation is to protect your business. There are many risks associated with carpentry.
Here are some of the most common injuries associated with carpentry work:
- Lacerations and amputations from electric saws and nail guns.
- Injuries from protruding nails.
- Back injuries and excessive physical strain from lifting building materials, heavy equipment, lumber, and concrete.
- Injuries from sanders including inhalation of sawdust.
- Traumatic brain injury from falling off a ladder, roof, or from falling objects.
- Electrocutions can also occur during open construction with interior or exterior wiring.
As a business owner, it’s important to take precautions and provide all employees with extensive safety training. However, accidents do happen.
If you’re not equipped with work comp insurance for carpentry workers, you could face thousands in out-of-pocket expenses. Without the right work comp policy, your business could experience lawsuits, suffer severe losses, and even undergo bankruptcy if you’re unable to pay.
To Protect Your Employees
Workers’ compensation not only protects your business, but it also protects your employees from having to pay expensive medical bills if they incur injuries on the job.
Think of it this way. Let’s say you have a carpentry worker who begins interior woodwork using electric saws and a nail gun. Your worker takes adequate precautions, but still undergoes an injury when cutting lumber with the saw. Their medical bills include immediate medical attention and transport to the ER from an ambulance, short-term hospitalization, and lost wages during recovery.
When you have a workers’ comp policy, your employee’s medical expenses would be covered, so your employee doesn’t have to cover them out-of-pocket. It also gives you peace of mind to know they are taken care of and received great care.
Finding the Best Workers’ Comp Insurance for Carpenters
Having the right workers’ compensation insurance for your carpentry business is essential. If you’re not sure where to find workers’ compensation insurance or how to streamline your work comp program, our experts are here to help you get organized and save money. Learn more about how you can get a quote today!
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