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.