Should I Carry Workers' Compensation?

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Many fellowships object to carrying Workers' recompense (also called Workers' Comp or Comp) coverage.  Some of the most base reasons include:

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How is Should I Carry Workers' Compensation?

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            It's too expensive
            I'm exempt
            I don't have any employees
            I only use subcontractors or volunteers
            My employees are family
            I have condition insurance
            The work's not hazardous
 
Let's look at these attitudes in a different light:
 
"It's Too Expensive," or "I'm Exempt"
Even if your state provides exemptions from the coverage requirement that a firm can elect to exercise, exemption from the coverage requirement is not exemption from liability. The employer remains liable, and loses the sole remedy safety that an employer who carries Comp enjoys. In other words, the employees can sue the employer since the employer doesn't have Workers' Comp. If he had it, they could not sue unless he were grossly negligent. You may be comfortable with them taking what you have - but will you be comfortable letting them take hereafter revenue as well? Defense costs alone can be hundreds of thousands of dollars, and if you're fighting a case it's harder to be otherwise effective in your business.  In addition there's the cost of the healing bills themselves, which without Comp, the employer will also have to pay out of pocket.
 
Workers' Comp benefits consist of lost wages and retraining if a worker can't perform the same job he had before, as well as lifetime healing costs for work-related injuries. Further, your employee's minor children may be able to sue the employer for loss of consortium and more until at least their 18th birthday.
 
Thus, Workers' recompense coverage is very valuable, and going without coverage can be very, very expensive.
 
"I Don't Have Any Employees," or "I Only Use Subcontractors or Volunteers"
Unless you have no employees and are in a home-based firm and population come to you, your landlord for your business, your clients, dispatcher or your normal contractor may need you to carry Comp. Since many states are "ladder states," meaning liability goes up the ladder until someone can pay, they want to ensure they don't get stuck with your claim...and reasonably so. Likewise, you may be responsible for the claims of contractors and volunteers who don't have coverage, as some states need that you furnish Comp for them or again, remain liable for their claims. This does not turn their contractor or volunteer status. And, compensating workers with free rent, free admission to a concert or other non-monetary consideration is still compensation, and you're probably still liable for their work-related injuries.
 
"My Employees are Family"
Aren't these the population you want to protect the most? And don't they look up to you as their leader and expect you to do the right thing by them? Treasuring the relationships and helping to reserve everyone's financial and emotional well being seems to me to be even more foremost when employees are family. Typically, this is not a reason for exemption to state Comp laws, and it shouldn't be for any employer.
 
"I Have condition Insurance"
Great. Yet if you're injured and can't work, who will pay the premiums? If you're injured badly, will your guarnatee be cancelled or your lifetime limit be reduced, affecting coverage you might need for medicine of a heart strike or other serious illness? If so, will you qualify again? At a cheap price, without excluding your injured body part? Does your condition guarnatee exclude work-related injuries? Is this better than lifetime healing benefits for a covered work-related injury?
 
"The Work's Not Hazardous"
If you or your workers don't type, lift, drive, sit for long periods, perform repetitive tasks, feel high levels of stress, interact with others, have exposure to hot coffee, an uneven sidewalk arrival into your office or other factors that could give rise to a claim, you may not need Comp.
 
Should You carry Workers' recompense insurance? 

Information is for normal data only. Contact your agent or broker for definite advice for your situation.

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