Workers' Comp Coverage for woodworking Businesses
Wood product can be difficult risks to ensure. Many carriers don’t offer coverage for the industry. We’ve been helping business owners find easy and affordable coverage for over 15 years. Our experts understand the underwriting requirements from the insurance companies and we know how to negotiate the lowest rates on coverage. That’s why we’ve developed wood products programs designed to help you get the best rates and most flexible payment options.
Pay as you go
Improve cashflow and reduce the potential for big audit bills.
Comparison Pricing
Get quotes from multiple insurance companies to ensure the lowest rates.
Claims Management
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Workers' Compensation Codes Related to Wood Products
Employees are grouped into classification codes based on their job duties and work functions. The National Council on Compensation Insurance (NCCI) currently utilizes nearly 800 class codes to help insurance companies and agents categorize employees for rating purposes. Insurance companies set a base manual rate for each class code in order to begin pricing a policy.
Properly classifying workers is an important part of the quote process. Mis-classified employees can cost small businesses thousands of dollars. You could end up paying too much for coverage or owing more money after an annual audit.
Class Code 2710
Sawmill
Sawmills are engaged in sawing dimension lumber, boards, beams, timbers, shakes and related items. The may plane rough lumber to achieve uniformity in size.
Class Code 2714
Veneer Manufacturing
Companies that manufacture softwood veneer and soft plywood products.
Class Code 2735
Furniture Stock Manufacturing
This class encompasses businesses that manufacture various wood products for furniture. Completed products could includes table legs, chair parts, bed panels and related items. These products are typically made and shipped unfinished and unassembled. Equipment utilized to make products typically include ripsaws, cutting saws, planers and jointers.
Class Code 2759
Pallet Manufacturing
Companies engaged in manufacturing wood pallets, wood box shook, wood boxes, other wood containers, and wood parts for pallets and containers.
Class Code 2802
Carpentry- Shop- Trusses and Assembled Millwork
Establishments primarily engaged in manufacturing millwork. This class includes decorative wood molding, plaining mills, wood flooring mfg, wood shutters and similar wood products. Wood door and windows are included under this class code
Class Code 2883
Wood Furniture Manufacturing and Cabinet Shop
Companies engaged in furniture MFG, cabinet MFG, wood furniture MFG and Piano Cases.
Class Code 2881
Wood Sign Manufacturing
Companies that manufacture wood signs without the use of power machinery or without painting the signs.
Alternative State Class Codes for Wood Products:
Sometimes a state will deviate from the industry class code recommended by NCCI. Instead of the NCCI code, they may require the utilization of a state specific class code for certain business segments.
Synonyms: excavator, excavating, excavation, land clearing, land grading, site preparation contractors.
How Does Workers' Comp Work?
Workers' comp coverage protects employees when injured. It makes good financial sense for both parties.
- Loss of income for employees unable to perform job duties
- Medical expenses for employees injured on the job
- Retraining expenses for employees unable to return
- Permanent injury or disability for lasting injuries
- Survivor benefits if employees are killed on the job
Coverage does not protect employers from everything. Sometimes employees and employers can be negligent.
- Injuries resulting from a violation of the law
- Incidents resulting from employees' use fo drugs or alcohol
- Injuries that did not occur in connection with the job
- Clear company policy violations
- Injuries that did not occur in connection with the job
How Much Does Woodworking Insurance Cost?
The average rate our customers pay for workers’ compensation under these class codes is around $3.35 per $100 of payroll. The average cost for a general liability insurance policy is about $2,400.00.
- Work Comp is priced based on payroll
- Your state and EMR Rating will affect your cost
- The type of wood products can modify rates
- Premium discounts and policy credits may apply
- GL rates are based on sales (rated per $1000)
- Gross revenue may affect pricing
- The type of work done matters to underwriters
- Prior clams and years in business affect pricing
- SIC codes vary by industry
How do I get started?
Here's what we need from you
- Business details, locations, FEIN or SSN
- Estimated annual payroll and job duties- class codes
- Claims info or loss history- if applicable
What Happens Next?
We go find for your best price
- Our software matches you with top-rated carriers
- Our agents apply and negotiate your lowest rates
- We present and recommend your best options