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Workers' Compensation Coverage for Management Consultants
Workers' compensation insurance, also known as workman's compensation insurance, workers' liability insurance, or workers' comp, covers your employees' medical expenses and at least some part of their lost wages if they are injured on the job or suffer a work-related illness. And, it could potentially cover you as the business owner for any injury you may sustain.
While management consultants typically carry a low risk of on-the-job injury, the work you do may call upon your employees to visit hazardous client facilities, so coverage may be a wise investment. Regardless, if you're doing business in a state that mandates coverage, you'll need to purchase the right policy for your business.
What You Need to Know
If your management consulting 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 impact of the laws of other states in which you or your employees do business, the Business Insurance Now management consulting insurance experts can help. Contact us today.
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Workers' Compensation Tips
- If you have a one-person company, you may be operating in a state that does not require that you maintain workers' comp coverage. However, your client may still require that you carry this insurance. If you don't, the client's own workers' comp carrier could automatically add you as a subcontractor to your client's policy, at your client's expense.
- Contract employees, leased employees and some other work-for-hire situations may be exempt from worker's comp insurance requirements, but some states do require companies to cover 1099 contractors. When you hire independent contractors to do work for you, you should require that they carry their own coverage, or assume that you will have to pay additional premium to cover them on your own policy.
- In some states, owners, officers, partners and other company principals can exclude themselves from their own companies' workers' compensation coverage. If you've got good health insurance and disability insurance, consider your risk low, and want to save on premiums, this may be a good choice for you.