December 2, 2020

Do I need Worker’s Comp insurance if I don’t have employees?

Choosing the right insurance policies for your company is essential. Life is unpredictable, so most of the time, it is best to take preventative measures before anything serious occurs. There are many different business insurance policies to choose from. Umbrella insurance covers a wide range of mishaps; there’s also liability and worker’s compensation insurance.

If you are a small business owner and do not have any direct employees due to virtual work or any other reason, you may be asking if it is necessary for you to pay for workers’ compensation coverage. Legally, it is not necessary for you to have workers compensation insurance in any state. That doesn’t mean you shouldn’t invest in a policy.

The cost of an accidentworkers compensation insurance

Accidents are more likely to happen in the workplace than you may think. Any number of things can happen. It’s important to take all necessary precautions to prevent any long term medical bills. Workers’ compensation insurance covers the cost of any work-related injury for yourself and any employees you have. In this case, the employee is yourself, and you still want to invest in that coverage. Health insurance will surely diminish the out-of-pocket costs to you, but worker’s compensation policies have no limits to what they can cover medically.

The insurance policy will cover everything besides the deductible (which you would still pay anyways with personal insurance plans). Moreover, worker’s compensation will help to offset the loss of income that might occur in the event of an injury. Most policies will reimburse up to two-thirds of your lost wages.

It will not cover all wages lost, but it is extremely helpful when the time comes around. Furthermore, the money you receive through workers’ comp isn’t taxed, so you’re receiving the full amount each time. Without investing in workers’ compensation, you could actually end up hurting your small business in the event of a serious injury. With no employees to take over for you, you’ll somehow have to manage your business while also managing whatever medical turmoil you’re in.

Lastly, if you contract employees, you normally have a worker’s compensation policy. If you choose not to, you are financially and legally responsible for anything bad that happens.

Texas Insurance Agency

Getting workers compensation insurance is crucial whether you have employees or not. Texas Insurance agency can help you choose a policy that feels right for you and fits within your budget. We are staffed with helpful employees who want nothing other than to see you succeed. Worker’s compensation insurance will protect your business no matter what happens.

To get enrolled in a policy or learn more, call Texas Insurance Agency at 281-993-8384; we are more than happy to help you figure out a policy that’ll work.

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