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Get covered for medical payments, rehab costs, lost wages, and more.
This type of sole proprietor insurance can cover you as the owner of a business if you get sick or injured on the job from work-related activities or exposure.
Depending on the type of policy, you can receive the same benefits that one of your employees would receive under a traditional workers’ comp policy.
These often include:
As mentioned above, your workers’ comp policy may help pay medical bills and help provide you with extra peace of mind.
Some work-related injuries take more than just immediate medical care. Rehabilitation and therapy also may be required. If so, your workers’ comp policy could cover those costs, as well.
Recovering from a work-related illness or injury also could keep you out of work. If you’re a sole proprietor, that could be a big financial hit. Workers’ compensation can often make up some of your lost income while you recover.
While not a pleasant thought, if you die as a result of a workplace injury or illness, your workers’ comp policy can cover funeral costs and financial assistance for your family.
Some things not covered by workers’ compensation are:
While it may not be required by law in your state, you may need sole proprietor workers’ compensation insurance to land jobs in certain higher-risk fields, such as construction or roofing — even if you run a business that doesn't have employees.
Your health insurance may not be enough.
A standard health insurance plan may not cover you for work-related illness or injury, and you may have to pay for medical expenses out-of-pocket. Plus, many health insurance plans won’t cover lost income as a result of your injury or rehabilitation and retraining costs.
Let’s say you get sick or injured on the job and need to go to the hospital. This type of sole proprietor insurance would likely cover those costs. If your injury required rehabilitation, those costs could be covered as well. And if you lost income as a result of the injury or rehab, your policy could be there to help.
Looking for more information? Check out the Workers’ Comp section in our Resource Center.
As mentioned above, certain states may require that you have workers’ comp coverage for certain types of jobs. It’s best to check the regulations in your area. If you're doing business across state lines, it’s also important to know the workers’ comp laws in those locations.
A ghost policy is a type of workers’ compensation policy for a business with no other employees other than the owner. Generally, the owner is excluded from workers’ comp coverage under this type of policy.
Since premiums for workers’ compensation policies are often based on employee payroll, ghost policies are often less expensive than traditional workers’ compensation coverage.
You’re the motor that makes your business run. If an accident or an injury on the job puts you out of action, there’s a good chance that your business, and all that it provides, could come to a screeching halt.
Generally speaking, the IRS considers sole proprietor workers’ comp premiums as business costs, which are typically income tax deductible. In many cases, this applies to your state and local taxes as well, but it’s a good idea to check with a tax preparer or an accountant.
Premiums are determined by several factors, such as:
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For personalized answers to your questions, you can speak with one of our licensed agents. Just call 844-654-7272. They’re available Monday-Friday, 8 a.m.-8 p.m. ET.
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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.
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