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Workers’ Comp: Being Your Own Boss Isn’t Always All It’s Cracked Up To Be

There are many benefits to being your own boss. While many of the benefits people hear about are in fact true, there are also plenty of drawbacks to being the person in charge of their own business. What many people do not realize is being your own boss sometimes comes at a cost, this is true in the case of insurance, taxes and other areas of business where the boss is not always afforded the same benefits as their employees.

How does being self-employed affect workers' compensation? Does the boss pay for their own insurance or is insurance even available for the business owner? To understand how being self-employed affects your workers' compensation coverage, consider the following.

  • Workers Compensation Insurance is required by law, unlike other benefits that you may pay to yourself or your employees. Sole-proprietors and other self-employed persons may not be required by law to provide coverage for themselves, however it may be part of a private agreement with a client to provide coverage for yourself.
  • Workers' compensation must be provided for part time employees, even those who are family members.
  • Your premiums will be based on the industry in which you operate for the first several years. After that point, workers' compensation premiums are determined by both the industry and your specific claims history.

If you choose to not have coverage through your companies workers' compensation policy, you may open yourself to medical expenses, lost wages and even legal issues should you get injured in the course of your work. Always discuss any questions you may have with your insurance provider as well as an experienced workers' compensation lawyer to ensure you have the coverage needed should the worst case scenario become a reality.

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They kept my best interests at heart. Updates on a regular basis of the status of the case and returning of calls was much more prompt after I started dealing with the same lawyers and support team.
Danielle Dexter, Workers Comp Client from Westchester County
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