article thumbnail

Carpenter’s Insurance: Who Needs It & Why

Levelset

Insurance is one part of a strategy to keep your carpentry business financially healthy. To minimize any financial damage, a comprehensive carpenter’s insurance plan is a smart bet. . What is carpenter insurance? Does a carpenter need insurance? Insurance serves another purpose.

article thumbnail

What is Experience Modification Rate (EMR), and How Does it Impact Prequalification?

Safety Services Company

Insurance companies use the number to assess the cost of injuries and future risks. Lowering your EMR is important, as you can greatly reduce the amount you pay for workers’ compensation coverage. Your company has filed one or more workers’ compensation claims. you will pay about 20% more for insurance. Calculating EMR.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

$1 Billion a Week Spent on Serious but Nonfatal Injuries in U.S. Workplaces

Construction Equipment

Each year, the Research Institute produces the Liberty Mutual Workplace Safety Index , which ranks the leading causes of serious, nonfatal work-related injuries in terms of direct workers compensation costs. The Index is based on information from Liberty Mutual Insurance, the U.S.

Injury 53
article thumbnail

$1 Billion a Week Spent on Serious but Non-Fatal Injuries in U.S. Workplaces

Construction Equipment

Each year, the Research Institute produces the Liberty Mutual Workplace Safety Index , which ranks the leading causes of serious, nonfatal work-related injuries in terms of direct workers compensation costs. The Index is based on information from Liberty Mutual Insurance, the U.S.

Injury 48
article thumbnail

Construction Business Owner Blogs

Construction Business Owner

INSURANCE |. Industry Statistics. A safe work environment is one of the most straight forward ways to decrease workers compensation expenses. Fewer accidents also mean lower insurance premiums, which mean lower labor costs. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management.

article thumbnail

Q2 Construction Labor Costs $28.13/Hour

Job Order Contracting

Construction compensation increased 0.8% Bureau of Labor and Statistics). Workforce Statistics. Source: Current Employment Statistics , Current Population Survey , Job Openings and Labor Turnover Survey ). Source: Occupational Employment Statistics ). Source: Current Employment Statistics ). in Q1) and 2.5%

article thumbnail

Top 8 Construction Health and Safety Hazards — and Ways to Protect Your Jobsite

Levelset

According to data from the Bureau of Labor Statistics, falls accounted for more than 1 in 3 jobsite fatalities in 2019. Financial distress can result from a lack of skilled labor and possible workers’ compensation insurance claims. . It’s no secret how dangerous — and unfortunately prevalent — falls are.

Safety 52