Workers compensation insurance for contractors in South Dakota
Looking for a SD worker’s compensation insurance quote?
South Dakota workers compensation insurance is basically a health insurance and disability policy combined together with some new rules. It provides wage replacement and medical coverage to employees who are hurt, injured or dies during their employment. It’s an exchange for the benefits, the employee gives up the right to sue the employer.
How much does workers compensation cost in South Dakota?
It depends on what you do. There are classifications for each type of work. The riskier the type of work, the higher the rate. A South Dakota roofer would pay a much higher rate than a plumber and carpenter would pay a higher rate than an electrician or clerical person as example.
The coverage is then rated on payroll. There is minimum payroll for ghost or waiver types of policies in South Dakota (no payroll), but most companies will have employees. The higher the payroll, the higher the rate.
Other factors can include the time you have had continuous workers compensation insurance coverage and having one-three full time employees. Also, your claims experience can be a positive or negative factor.
What can I do to keep my workers compensation costs down in South Dakota?
There are several things that can keep your rates under control. Continuous coverage and no claims for starter. The State of South Dakota requires you have workers’ compensation if you have employees. Putting a gap or lapse in that coverage does not help your rates. Neither does switching carriers each year. Worker compensation companies are smart and not in it to lose money.
We see misclassifications from time to time. Being rated wrong can certainly hurt you. It’s important you’re with an agent that’s sharp and knows what they are doing. We are and do!
A proper risk management program and return to work program is also key keeping claims and costs down.
Request an online workers compensation insurance quote or give us a call.
We make it easy to shop for and buy workers compensation insurance coverage in South Dakota. Our website is available 24/7 and our staff is on duty Monday through Friday. We will help you make the very best decision on your South Dakota workers compensation insurance. Trust our services, call today.