What You Need to Know About Workers Comp for Self-Employed

​A worker’s comp insurance should be provided to employees by their employers. It is mandated by law to give a just and fair compensation to all workers, especially if the work activities have corresponding physical risks. Today, we are going to debunk the traditional thinking that workers comp is only for office or company workers. Because the truth is, this type of insurance is also for self-employed.

What do workers comp insurance cover?
The worker's comp insurance covers all expenses related to work injuries such as hospital bills and lost wages during the recovery. It is being purchased by employers with at least one to five employees. The form to fill out is the W-2 form. 

On the other hand, all legal freelancers, self-employed, independent contractors, or sole proprietors can also be covered with the same insurance using the 1099 form. 

Why is it important for self-employed to get workers comp insurance?
In some cases, employers also ask for the help of self-employed workers to accomplish some of the tasks in the organization. This only means that the self-employed individuals, during the course of work in a particular company, should also be covered by the said insurance. Or else, the employer will be sued for any injury that will happen.

How do you get workers comp insurance?
If you are self-employed and into physical labor, it is wise to get your own workers comp insurance. However, it can be a difficult job since large insurer companies might not see the point of selling policies that are too small. If this happens to you, you might want to get into private companies where cost varies depending on your profession. 

Additionally, other states provide a policy in the market, also referred to as the "insurer of last resort". This is given to self-employed individuals who cannot afford to buy a policy in the voluntary market. Basically, it has lower costing than those of private companies. 

Why should you get one if you’re currently self-employed?
If you have heard of the quote, "better safe than sorry", then that best explains why you should get workers comp insurance. You do not know when unfortunate events, such as accidents, would happen, and it's better to face it prepared. 

At CSIS Insurance Services, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 501-2747. Get your free quote today by CLICKING HERE.