During the months when the weather is warmer, there are independently owned contractor businesses doing everything such as remodeling homes and businesses, cleaning homes and business, and yard work. Most of these jobs can be very dangerous. However, most independent contractors don’t consider getting Workers Compensation Insurance to protect them. This type of insurance is designed to help with medical expenses and pay household bills should you or your workers have an accident on the job.
It’s not a good idea to go without Workers’ Compensation Insurance. Should an accident occur with a worker, the owner of the business is left with paying out of pocket. Some expenses include hospital expenses and temporary total weekly disability payments. The employee’s family will need that money to pay for expenses concerning their home while the breadwinner recovers from their injuries. This could have a huge effect on the business because most subcontractor companies are small. If the owner is a sole proprietor, not having Workers’ Compensation Insurance can definitely put you out of business. The homeowner whose house you are working on could hold some part of the blame also if the accident was caused by something on their property. That would be the same with doing work for a commercial business.
Finding the Cost to Workers Comp Insurance
It is important to find out how much Workers’ Compensation Insurance cost so that you can get covered. However, it may not be affordable. Sometimes companies will turn down self-employed subcontractors because they don’t want to deal with the risk. You will lose out on a lot of work if people ask about your insurance and you can’t show them your policy If you are in construction, having this insurance is a must. The last thing you or your employee needs is to be injured by a big piece of machinery and lose everything because you were not covered.
If you are on a job and Workers’ Compensation Insurance is offered, look into what it entails. You may be surprised at what your rights are as a worker of a small company should you get injured. For those that don’t have this insurance, try to see if your state has a program set up where you can get workers compensation insurance by paying for it. Yes, this insurance is expensive. In the long run, you will be glad you have it.
