How Important is Workers Comp for Contractors to have? Well, you could be arrested if you don’t have it, depending on your states law.
Even if having workers compensation isn’t a law in your state, it’s vital that you have it because it helps you to protect yourself, your employees and your business from any injuries faced on the job.
As a contractor, injuries at work are very common. The issue doesn’t seem to be “if an injury will occur” but when an injury occurs and how bad it will be.
Let’s face it, contractors have a very dangerous job and in 2016 the industry lead all other in mega, workers compensation claims, which is when a claim exceeds $10 million.
Imagine being one of these contractors who doesn’t have workers comp and having something like this happen
No matter if workers compensation is required or not, when an injury happens you will be much happier to have it than not to have it.
Is Workers Comp Insurance Required for The Self Employed?
Again, it depends on your state. If your state requires workers comp insurance for all employees then you will most likely count as one of those employees while you are on the job.
However, in some states you don’t have to have workers compensation on yourself if you are self employed.
The most important question to ask yourself in these cases is if you are comfortable without having any coverage should the unexpected happen?
If you are ok with taking the risk of not having coverage if you get injured as a self employed person then you may make the decision to forego it.
However, as we addressed before, it’s not a question of “if” but “when”.
In about 70% of cases, serious work related injuries happen either from a fall from height or a motor vehicle accident. Still, having someone who works your phones and computers still put you and them at risk for injury.
The best course of action is to go ahead and get the workers compensation insurance.
How Much Does It Cost To Get Contractors Insurance?
If you buy workers compensation directly from an insurance carrier then most likely you will get a different answer than if you bought from a broker.
The biggest difference is that as a broker we can offer great rates because we shop up to 30 carriers for the most competitive rates.
The main benefit though is actually that we focus on making sure you actually get the coverage you need, not just what cost the least.
Which is huge since more than 60% of U.S. businesses are under insured.
Get a Workers Compensation Quote Today
Contractors Workers Comp insurance is a very serious thing to have done properly since it is actually dealing with your life, the lives of your employees and your overall livelihood.
This isn’t something that should be left up to chance and it definitely isn’t something that should be taken lightly.
We understand that what you want is the right coverage at the best price possible, that’s what we have built this company on.
We focus on getting you what you need in order for your business to survive because without it we wouldn’t.
That’s why we have such great testimonials and reviews and that's why you can trust us with your business.
If you want to know what the best E-commerce business insurance available is today then you're gonna want to read this to the end.
Over the past few months, we've seen the unbelievable rise of the E-commerce industry to the point that Amazon became the second company to ever reach $1 Trillion dollars.
This is a huge opportunity for almost anyone to get their slice of a $22 trillion world wide dollar pie...
But with great opportunity comes great risk.
With the rise of cyber attacks as well as the risk of fraud and product defects, you need to be protected with the best E-commerce insurance money can buy.
E-commerce and Insurance
For the typical E-commerce business owner, you know that the risks are much different than that of a brick and mortar small business owner. A small business owner can usually just get a standard business owners policy to cover most risks.
E commerce requires a much more comprehensive coverage option because of two risks that are uniquely challenging for an e-commerce business to address.
The first is business interruption.
If you have a drop shipping arrangement with your manufacturer, you could experience issues that stop business on your side of the table based on a problem they experience. Another example, web hosting. Imagine your business is launching a new product that has the internet buzzing. As soon as the product comes available and you put the word out, the site crashes from a huge spike in traffic.
Business interruption insurance can help you recuperate your losses...
Also, you need to cover data security.
Your business has valuable customer information that if breached could put your customers information in jeopardy... And you could be held liable for each piece of information that is exposed.
When you are shopping for business insurance for your e commerce store you need to consider as many potential risk factors as possible. That's where it helps to have a knowledgeable insurance agent on your team to help you figure out what you need to be mindful of when buying insurance coverage for your e-commerce business.
Generally, these are some of the main types of coverage to consider depending on the size of your business.
Small Business E-commerce insurance
If you are are under $1 million in sales then you need coverage dedicated to the problems that mostly plagues smaller e commerce sites. For an e-com business like this, you don't usually need to have as much coverage as some of the more experienced businesses.
What your e-commerce insurance coverage needs to provide:
Workers comp insurance may not be necessary for some businesses unless they plan to hire people to work for them but that is an other topic entirely.
Mid-Sized E-commerce Business Insurance
For E-commerce businesses between $1 million and $10 million dollars in sales you will need to consider a little bit more insurance coverage. These businesses typically have a few employees, have completed a seed funding and may have a brand that has built steam on social media.
At this point, having your business improperly covered is a huge risk because it risks the business, the well being of employees and the money entrusted to the business by investors.
These businesses need to have all of the same coverage that a smaller e-commerce business has but will definitely need Workers Compensation, as well as employee practices liability and coverage for directors and officers of the company.
Large E-commerce Business Insurance
$10 million dollars in sales is just scratching the surface for a business like this. These types of e-commerce businesses are typically going to own warehouses or even brick and mortar stores. They also are more likely to control the import process of the inventory they sell.
They usually hold the rights to intellectual property and may have patents, either confirmed or pending.
This type of business is one that faces challenges at every turn and, at this point, the business owner has much more to think about in terms of the distribution of the products that the business sells.
Along with the other types of coverage that smaller e-commerce businesses need, this type of business needs to consider:
These types of coverage are all about protecting a large number of transactions to ensure that the customer is happy while also protecting your business from unforeseen problems.
If you own an e-commerce business, whether small or large, it's important to know that your insurance policy is written correctly. Unfortunately, 75% of businesses in the U.S are under insured for varies reasons.
If you would like to have your insurance coverage looked over by a professional agent who specializes in business coverage, please contact us immediately.