If one of your workers is injured while doing their job, the medical bills, lost wages, and legal fees you may be on the hook for quickly add up. Even self-employed individuals who work with subcontractors can be held liable for workplace injuries in some states, so take the precautions you can now.
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All business insurance products are offered by INSURICA. INSURICA is among the 40 largest insurance brokers in the United States and is currently the 24th largest privately-held independent agency in the country. INSURICA and Woligo are both part of the Cameron Group of companies.
PROTECT YOURSELF & YOUR BUSINESS
FOR ON-THE-JOB INJURIES
TAKE THE PRECAUTIONS YOU NEED
WORKERS’ COMPENSATION FOR INDEPENDENT WORKERS
Crossing your fingers and hoping your employees never get injured while on the clock isn’t a valid insurance policy. Accidents happen, and, in some industries, they could be often. You can create the safest work environment possible, but there are still some things that are out of your control. Self-insured workers’ compensation insurance could help protect you, your employees, and any clients with whom you work.
HOW MUCH DOES WORKERS’ COMP INSURANCE COST?
The cost of workers’ comp insurance depends on your business’ unique needs and circumstances. Your insurance should cover your specific risks — nothing more and nothing less. Your premium will be calculated based on:
- Your industry
- Type of work you and employees do
- Claims history
- Number of employees
- Employee salaries and wages
One of the biggest factors is the type of activities workers will perform while on the clock. The National Council of Compensation defines workers’ compensation class codes in order to categorize how much coverage certain types of jobs require based on their risk.
For example, a healthcare worker is at higher risk of a work-related injury or illness than an attorney. You’ll need to request a quote in order to budget your workers’ comp premium.
WHAT WORKER’S COMPENSATION FOR THE SELF-EMPLOYED IS ALL ABOUT
Workers’ compensation is meant to help protect you and your employees. If your employees are injured or ill because of the work they are doing for your business, workers’ comp is designed to help cover the injured party’s medical care, disability benefits, and any lost wages from being away from work.
If that injured employee or their family sues you (the owner of the business), your workers’ compensation insurance may help cover your legal fees. Even if the workplace accident results in a fatality, self-employed workers’ compensation insurance may help cover the loss of life, including funeral costs and death benefits to the employee’s beneficiaries. None of us like to think about the possibility of a tragedy, but the truth is that being prepared helps remove stresses if the worst-case-scenario were to unfold.
WHEN DO SELF-EMPLOYED OR INDEPENDENT CONTRACTORS NEED WORKERS’ COMP?
Independent contractors and self-employed workers need worker’s comp insurance when the state in which they do business says they need workers’ comp insurance. Most states require workers’ comp for small businesses, but what is considered a “small business” varies. It typically depends on the number of employees you have (i.e., after three employees, workers’ comp is required by law), but it can also depend on what the business is registered as, such as a sole proprietorship or LLC.
You’ll have to check with your state’s local laws to see if you need workers’ comp as a self-employed individual.
Coverage for when accidents happen.
When you work for yourself – go Woligo.
WHAT DOES WORKERS’ COMP COVER?
Workers’ compensation helps employees injured on the job through their recovery so they can get back to work and on with their lives as soon as possible. The insurance typically covers medical bills of the injured employee and their lost wages they miss out on while they recover.
Your workers’ compensation policy may also include the following coverages:
- Treatment or rehabilitation
- Employee training for new roles if the employee is unable to return to their previous job
- Long-term disability benefits
- Death benefits
- And more
WHAT IF I DON’T HAVE ANY EMPLOYEES? DO I STILL NEED WORKERS’ COMP?
If you are self-employed and don’t have employees, you may still need workers’ compensation insurance. For the most part, it depends on the state in which you work. Some states require you to have workers’ comp even for contractors or subcontractors. It’s best to check your local workers’ comp laws in order to know your specific requirements.
As an independent contractor, you may work with clients that require you to have your own workers’ comp policy. Companies are in their rights to require that you, an independent contractor, have workers’ comp, regardless of whether or not you have employees. This is a precaution companies often take to avoid any future claims.
Contact one of our representatives today to get a quote and start the process of getting workers’ compensation insurance for your self-owned business.