Workers' Compensation Insurance for Accountants, Bookkeepers, Tax Preparers and other Finance Professionals
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Workers' Compensation
Coverage for Accountants

If you have employees, you may need to carry workers' compensation insurance, depending on the laws of the state(s) in which you do business. Also called workers' comp, workman's compensation insurance or workers' liability insurance, it pays your employees' medical expenses and at least some of their lost wages if they are hurt on the job or suffer a work-related illness. You can also cover yourself, as the business owner, for any injuries or illnesses you may sustain on the job.

You're probably thinking that for an accounting firm, employees' risk of on-the-job injury is low—and you may be right. However, if your state's laws or your client contracts mandate coverage, you'll still need to purchase a workers' comp policy for your business.

What You Need to Know

If your accounting firm employs others, be sure to check your state laws regarding workers' compensation requirements. Some states require companies of all sizes to carry workers' comp coverage, while others have set a minimum number of employees to trigger coverage mandates. Locate your state below to visit your state's insurance web site for information about worker's compensation insurance rules and requirements.

If you're not sure about your state's laws, or the impact of the laws of other states in which you or your employees do business, the Business Insurance Now accounting insurance experts can help. Contact us today.

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Workers' Compensation Tips

  • If you're a solo accountant operating in a state that doesn't require one-person shops to carry workers' comp coverage, you still may not be off the hook. Some client contracts require contractors to carry workers' compensation. Why? Because the client's own insurance carrier may have the right to automatically add you to the client's policy at the client's expense—and your client doesn't want that.
  • Depending on which state you're based in, you may be required by law to cover 1099 contractors on your workers' comp policy. When you hire contractors to work for you, it may be wise to require that they carry their own workers' comp coverage.
  • In some states, owners, officers, partners and other company principals can choose to exclude themselves from workers' compensation coverage. Ask your Business Insurance Now agent to help you determine if this would be a good cost-cutting choice for your business.