Many sole proprietors never even consider the option of buying workers compensation insurance. This is because workers compensation insurance is typically associated with businesses that have employees. However, not only can sole proprietors purchase this type of insurance, but it is almost always an extremely beneficial choice. Continue reading to learn more about how you can benefit as a sole proprietor by choosing to purchase workers comp insurance.
Protect Your Business And Personal Finances
Whether you have a million employees or your company is made up of just you, an on-the-job accident is still going to be considered work related by your medical insurance company. Most private insurance carriers will deny any claims for medical costs associated with these injuries. Since you don't have an employer to turn to in search of reimbursement for these costs, you will be stuck paying out of your own pocket. Add to this the cost of being out of work for any period of time and it is easy to see how both your personal and business finances can easily suffer a major hit if you incur even a minor work-related injury. Purchasing workers compensation insurance will allow you to enjoy the same protections as individuals who work for traditional employers and ultimately provide protection for your financial stability.
Ensure You Are In Full Compliance
Despite the fact that you do not employ anyone other than yourself, the law may still require you to carry workers compensation insurance if you work in certain fields. This requirement is meant as a way of protecting individuals who may otherwise be liable for any injuries that you suffer while on the job. For example, if you offer services that require you to visit customer's homes or other businesses, you may be required to carry workers compensation insurance in order to protect these property owners from potential liability if you become injured while working on their property.
Enjoy Low Rates
Since your workers compensation insurance policy only needs to provide enough coverage for a single employee, you will be able to secure this type of insurance coverage at a very low rate. The peace of mind that comes along with knowing you are covered is certainly worth this small investment even if you choose not to consider the other benefits that workers comp insurance is able to provide.
To learn more about workers compensation insurance policies for sole proprietors and to get a quote for your own policy, be sure to reach out to an experienced insurance agent in your local area as soon as possible.
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