Workers' Compensation For Independent Contractors

​Workers' compensation may cover loss of wages and medical costs due to work-related illnesses and injuries. Most states have this type of insurance policy for sole businesses with employees.

If you are an independent contractor, you never expect when any unforeseen incident can happen to your employee. Being an independent business owner is a good reason to think about becoming successful. Yet there are possible risks to consider when running the business independently.

Why are many businesses becoming independent? 
Being a boss is considered a remarkable advantage. You can easily schedule your plans without spending much time inside the office. You can grow your business if you are capable of finding and attracting more customers.

You have no limitation to how much money you want to make as you see your business grow. Discipline is also key since you are managing your schedules and bills.

On average, independent contractors usually pay about $32 a month for a worker's compensation insurance policy. Regarding the business insurance cost, it depends on the following:

• Revenue of the business
• Number of workers
• Types of existing insurance coverages
• Policy limits
• Deductibles

How does worker's compensation cover an employee?
If your employee got injured while on duty, workers' compensation for independent contractors may cover the medical expenses and lost wages. The coverage may also include when retraining your employee.

Here are some of the usually sustained injuries that the worker's compensation may cover:

• Back injuries caused by the actual job
• On-the-job injuries due to business facilities. 
• Injuries during lunchtime, breaks 
• Other work-related sponsored activities 
• Injuries due to stress or physical strain while working
• Diseases caused by toxic materials from work

The Insurance Protection You Should Get
Since your business success depends solely on your own self, any on-site injury can affect your plans. Workers' compensation should protect you as an independent contractor. You need help handling the medical expenses and loss of income that can result in serious matters. 

An important reminder is that some jobs may not be part of a workers' compensation insurance policy. You should be aware of this before accepting an independent contractor position to ensure you know what to do should an issue arise. 

Conclusion 
Injured workers are protected by workers' compensation insurance, which pays for their medical expenses and a portion of their wages while unable to work. Workers who sustain injuries on the job are protected from suing their employers.

At CSIS Insurance Services, Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get 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. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!