Workers' Compensation Insurance for Tax Preparers
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Workers' Compensation
Coverage for Tax Preparers

If your tax preparation business has employees, your state's laws may require you to cover them with workers' compensation insurance. Also referred to as "workers' comp," "workman's compensation insurance" or "workers' liability coverage," this insurance is designed to pay for employees' medical expenses and at least some of their lost wages if they are injured while on the job or suffer a work-related illness. As the owner of your business, you can also buy coverage for yourself.

Thankfully, the risk of being hurt or becoming ill due to work at a tax preparation firm is low. Regardless, if your state requires coverage, you'll need to buy it for your business.

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 tax preparation 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 tax preparation insurance experts can help. Contact us today.

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Workers' Compensation Tips

  • If you don't have any employees, and your state doesn't require workers' comp coverage for sole practitioners, you still may have to buy coverage if your client requires it. Some do, because otherwise, they might be obligated to add you to their own policies at their own expense.
  • If you use 1099 contractors, your state laws may require you to cover them with your workers' compensation insurance policy. If that's the case, you may wish to require them to carry their own insurance so you don't have to pay extra premiums.
  • Some states allow exemptions for business owners, officers, partners or other company principals. Exempting yourself from coverage may be a good way to save money on premiums, if your risks of on-the-job injury or illness are low.