When you’re self-employed, you do the work yourself, you do the billing yourself, and you likely even empty wastebaskets and clean up yourself. As you can see, there’s a lot of emphasis on “self” in “self-employed.”
That’s probably a good reason to consider taking care of “yourself.” And that’s where workers comp insurance for self-employed owners can make a difference for your business.
Is workers comp insurance for self-employed workers right for you? Read on and find out for yourself.
Workers comp for self-employed can cover many of the same claims as workers compensation insurance for businesses owners with employees.
These can often include:
Laws and regulations around workers compensation insurance vary from state to state. For example, Texas doesn’t require an employer to have any type of workers comp insurance. But travel next door to New Mexico, and most businesses with three or more employees need workers comp coverage.
In many instances, you’re required to have workers comp insurance as soon as you hire an employee. That can include both full-time and part-time workers, but again, each state has its own regulations, so it’s important to check the laws where you do business.
As you're looking through your state’s requirements, you may find that owners and business officers may be exempt from workers comp coverage. This is often a reason why business owners will cover only their employees as a way to save on insurance premium costs.
Staying on the right side of the law in states that require workers compensation insurance is just one benefit, but it’s not the only one.
Here are a couple of others:
While understanding the ins and outs of workers compensation insurance may feel like a lot of work, getting covered doesn’t have to be, at least if we have anything to say about it.
Spend some time on our website and we’ll get to work looking for quotes from respected workers comp insurers. Then, all you have to do is choose the one that’s best for you.
We also have licensed insurance pros who can help you over the phone. Just call 844-654-7272, Monday-Friday, 8am - 8pm (ET).
While the need for workers compensation insurance is almost universal for any business with employees, the amount you’ll pay for that coverage can vary.
In most cases, your cost will depend on several factors, such as:
You’ve likely heard that a business’s greatest assets are its employees. When you’re self-employed, that greatest asset is you. Why not take care of it the way you would any other vital part of your business?
We work with thousands of self-employed individuals like you. We can assist you in finding coverage that could help protect your livelihood and your budget.
As a 9-year-old at summer camp, I hated it — especially after being pulled screaming from the pool during the swimming competition. While this left me without an aquatic achievement patch, it also inspired the letter to my parents that got me an early release from Camp Willard. That showed me the power of writing. I’ve done my best to use it only for good ever since, such as writing helpful articles for small business owners.
Ed writes on a number of topics such as liability insurance, small business funding, and employee management.
This content is for general, informational purposes only and is not intended to provide legal, tax, accounting, or financial advice. Please obtain expert advice from industry specific professionals who may better understand your business’s needs. Read our full disclaimer
*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.