Workers' compensation is often a daunting and downright confusing coverage for business owners. As a professional, you may already have enough to think about beyond this coverage and what it does. The question arises, what about those business owners who go it alone? Do the self-employed need workers' compensation insurance? The answer is never a simple yes or no, so here is what you need to know.
Do Self-Employed Need Workers' Compensation?
Check local laws
Whether a self-employed person needs workers' compensation will depend on your local and state laws. In California, workers' compensation insurance optional for most self-employed workers. If you are a roofer or self-employed individual in other highly hazardous fields, you may need to obtain a workers' compensation policy for your own injuries.
If you qualify for workers' compensation insurance as a self-employed individual, you will need to use a licensed insurer who has the proper authorization to develop California workers' compensation policies. Keep in mind that even if you do not qualify for workers' compensation insurance, you may still require some forms of insurance as a self-employed person.
Benefits of workers' compensation
Although it's tempting to think of workers' compensation as a hassle and a drain on your business budget, the insurance will act as a safety net if you do suffer an injury on the job. If you suffer a catastrophic injury in a fall or experience illness as a result of the work you do, your insurance policy will provide the extended disability coverage you need to get back on your feet. The financial support gives you peace of mind that you're covered if a serious injury happens on the job.
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