Providing workers' compensation coverage for clients in the construction industry can be one of the greatest challenges to an insurance agency, but it can also be one of the most profitable. Contractors pay higher insurance rates and are subject to more state regulation than other businesses. They also have servicing needs (such as issuing certificates of insurance on a regular basis) that other accounts don't. If your agency has construction clients, here are the top 10 things you should know about writing workers' comp for contractors.
1. What kinds of businesses are classified as “construction?”
The Division of Workers' Compensation publishes a list of the 87 class codes that are considered to be in the construction industry. It's important to review the list because some businesses you might not think of as being in the construction industry, like landscaping, are considered construction for workers' comp purposes. Find the complete list in the Division's rule 69L-6.021, available at www.fldfs.com/wc.
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