Many people mistakenly believe that workers’ compensation insurance is only for businesses that have multiple employees. That isn’t true! Even independent contractors can benefit from having a workers’ compensation policy in place. Just because you own your company or work by yourself, it doesn’t mean you won’t be injured while on the job. Having a workers’ compensation policy in place will ensure that all of your expenses are covered if an accident does occur and keeps you from taking care of your business.
The Benefits of Being an Independent Contractor
Working by yourself can be very advantageous. One of the main benefits of being an independent contractor is knowing the work is done right and is continually meeting your high standards. It also gives you the freedom to pick and choose what insurance policies you buy. When it comes to workers’ compensation insurance, many independent contractors overlook this type of policy because they mistakenly believe it is only for employees. The fact is, it is for them as well.
Reason #1:
Workers’ Comp Covers Work-related Injuries That Other Health Insurance Policies Won’t
Injuries that occur while on the job may not be covered by your traditional health insurance policy. With the right workers’ compensation insurance policy in place, you won’t have to worry about covering a work-related injury or illness with your standard policy. Workers’ comp policies are written specifically for the types of injuries and illnesses associated with your type of employment, eliminating any questions related to your coverage and ensuring that all of your expenses are paid.
Reason #2:
You May Need to Have Your Own Workers’ Compensation Policy to Work for Certain Companies
Independent contractors are sometimes required to have their own workers’ compensation policy before they start work. Many companies don’t want to cover independent contractors who are working on their property. These companies may ask for a copy of the contractor’s policy before assigning them work to ensure they are adequately protected. Providing them with a copy of your proof of insurance will prevent any delays and allow you to start work on time.
Have Peace of Mind
Purchasing a workers’ compensation policy for yourself is a great way to have peace of mind. As an independent contractor, it is up to you to manage your business efficiently. That can be hard to do if you are injured or ill from a work-related event. Having a good workers’ compensation policy will give you the security you need to know that both you and your business are fully protected.
As an independent contractor, it is your job to take care of yourself. That includes purchasing a workers’ compensation policy that will pay for your medical expenses if an accident occurs while you are on the job. Call the experts at J. Archer Insurance Group today to find out more about purchasing a workers’ compensation policy for yourself. Our reputable agents are always available to answer your questions and make sure you have a policy in place that you are comfortable with.
