What You Need To Know About Workers Comp For Entrepreneurs

​Being self-employed is fantastic because it means a lot of freedom. However, in a lot of cases, it also means a lot of responsibility! One of the trick things you'll need to decide is whether you need workers' compensation insurance or not?

Do You Need Workers Comp If You're Self-Employed?
While workers' compensation insurance might seem redundant if you work for yourself, it's worth looking at it before writing it off. Here are a few things to consider when deciding whether the coverage is for you:
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1. The Nature of Your Job
   Depending on how risky your job is, the workers' comp coverage will vary from job to job. As such, an office employee would probably pay lower premiums than a construction worker. 
   
   
2. The State You're In
   Different states have different requirements, and if your state requires a workers comp policy, you'll need one. Some places may emphasize that it's compulsory to hold the policy, while others are more flexible. Check with your state to make an informed decision.
   
   
3. Health Insurance or Workers Comp
   Some self-employed individuals may decide to purchase health insurance in place of workers comp - this is a bad idea! Most insurers don't cover accidents that happen on-site or while at work. The assumption is that workers already possess workers comp, so no extra coverage is provided. 
   
   
4. Access to Health Assistance
   Workers' comp insurance directly affects the physicians you're able to see. Double-check with your intended doctor if they accept workers' comp insurance before booking an appointment or consultation.
   
   
5. Will You Need It In Future?
   Maybe even after going through the previous pointers, you still don't view workers' comp as something you need. However, consider what growth you envision for your company in the coming five to ten years. 
   
   Though a one-person establishment now, your company is likely to grow and employ other people in the future. 

Conclusion
Weighing whether workers comp coverage is for you is an important decision to make as an entrepreneur. While it may be easy to dismiss the above as irrelevant to your business as it currently stands today, a creative entrepreneur thinks ahead. As your company grows, so will your need for this coverage, so best you purchase it early.

At CSIS Insurance Services, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (888) 501-2747 or Click Here to request a free quote.