Help from the Team at the Business Insurance Center
Protection for employers and employees comes in a variety of forms. There are government regulations like OSHA, laws, and insurance. One such format gives your team what they need when they get hurt or sick on the job, and then it turns around and protects employers from being sued. Nearly every state offers workers’ compensation insurance in some form. Most states require that you purchase this coverage; however, there are a few exceptions.
Ensure you are following the regulations of your state when you purchase the correct workers’ compensation insurance. The knowledgeable brokers at the Business Insurance Center help self-employed individuals, entrepreneurs, and small to medium-sized businesses with all their policy needs. Let us assist you in finding the right coverage at reasonable rates.
Exemptions to Purchasing Workers’ Compensation Insurance
In general, you are required to purchase workers’ compensation if you have employees. Some states allow exemptions. You should check with your state’s laws, but here are some basic segments that don’t require the coverage:
- Ownership Status: If you are a sole proprietor, partner, member of an LLC, or a corporate officer with a certain percentage of stock ownership, you may be able to exempt yourself.
- Lack of Employees: You may own an LLC but have no employees. In cases similar to this, you might be eligible for a workers’ compensation insurance exemption. You should keep in mind that some clients may request a certificate of coverage, so it would still pay to purchase a policy.
- Independent Contractors: Using an independent contractor has its benefits, including not having to provide health insurance, pay payroll taxes, or make contributions toward a 401k retirement plan. It may also mean that you don’t have to purchase workers’ compensation.
Qualifying for an exemption requires different steps, depending on the state you are doing business in. One thing to keep in mind is that even if you can get an exemption, choosing to do so may not be the best choice. The cost of purchasing a policy may be minimal in comparison to increasing your employee’s morale. They will have immediate access to medical services, and you will have peace of mind.
Worker’s Compensation Insurance Makes Good Sense
Ensure you are following the regulations for your state when you purchase workers’ compensation insurance. The dependable staff at the Business Insurance Center takes the time to assist you with all your business coverage needs. We can even look over all your policies to find any gaps. If you want coverage at reasonable rates, give us a call.
Request a quote online or call (888)-585-0511 and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator. We serve the entire United States.