People who are self-employed may not benefit from certain types of insurance like an employee would. If you are self-employed or an independent contractor, the cost of covering yourself with a Workers' Compensation policy may be so high that it isn't really worth the effort or the expense.
Is Workers' Compensation A Good Choice for the Self-Employed?
It's mandatory for employers to carry Workers' Compensation insurance on their employees. This doesn't necessarily mean they have to carry it on themselves. Because the cost of Workers' Compensation may not be too high to be affordable, there are other types of insurance that may work better. Short/Long term disability policies are often a better choice for someone who owns their own business and doesn't have any other employees.
When Does Having Workers' Compensation Make Sense?
If you are an independent contractor who works for a company with several other employees, it may be worth the money to pay for the additional Workers' Compensation coverage. Working with others, whether they work for you or for someone else, can increase your potential risk of an injury. If you believe your risk of injury is high enough to warrant purchasing Workers' Compensation coverage, by all means, do yourself the favor and protect yourself.
At Gaylord & Nantais, the attorneys can answer all of your questions concerning Workers' Compensation and whether or not it's in your best interest. As an independent contractor, it's up to you to manage your business as responsibly as you can. Get the information you need before you make your final decision. Gaylord & Nantais are Long Beach attorneys who always go the extra mile for their clients. They will answer your questions and offer you the best representation possible.