Maximizing Your Protection: Workers’ Comp Tips for Independent Contractors

As an independent contractor, you work where you’re needed. You might travel to several job sites or navigate new and unfamiliar work environments every week. On top of that, you likely have different clients to assist in various areas. You’re no stranger to the gig economy, but you know there are risks in working for yourself.

Your work depends entirely on you, so getting injured at work can have serious effects. Thankfully, workers’ comp provides the protection you need. With coverage, you can avoid the burdens of paying medical bills and enduring income losses that result from time off work to recover.  

In most states, businesses must have workers’ comp insurance. However, as an independent contractor, you may not be considered an employee and are excluded from this mandatory employee coverage. Given these risks, you must prioritize your protection. Consider the following tips for maximizing your protection with workers comp for independent contractors, or you can see more at https://cerity.com/insurance-coverage/independent-contractor/.

 

Get Workers Comp for Independent Contractors

If you get injured at work and are not covered by the business’s workers’ comp insurance plan, you’ll want to have workers’ comp for yourself. This way, you’ll be financially supported in the event of an injury and subsequent medical costs or lost wages. Purchasing your own workers’ comp insurance will take you further than relying on an individual insurance plan, which may only cover some of the total costs involved.

Talk to Your State’s Labor Department Before Choosing Your Insurance Plan

Contact your state’s labor department to get all the information you’ll need about how the state interprets the roles and responsibilities of independent contractors. With this information, you’ll better understand the benefits you’re likely entitled to. From there, you can determine what kinds of workers comp for independent contractors you should purchase. A clear list of your options will allow you to choose the best workers’ compensation coverage plan for your work and financial capabilities.

Avoid Insurance Plans with High Deductibles

Relying on an individual insurance plan alone is unlikely to reduce the financial burden you may face following a work-related accident. High deductibles and partial coverage are usually part of independent plans, so choosing workers comp instead is a wiser choice.

Know What’s Included in Your Policy Coverage Plan

Ensure that the policy of your workers comp for independent contractors has all the coverage you need to protect yourself from work-related accidents and associated financial risks. While most plans contain the following, there are always exceptions to the rule. Understand the benefits you’ll receive before signing up for workers comp for independent contractors.

Make sure your plan includes the following:

  • ER care and ambulance care
  • medical cost coverage (ongoingly)
  • coverage (partial) for wages lost to recovery

Choose The Right Plan for You

With workers comp for independent contractors, you’re protected from the financial burdens that can occur following work-related accidents. Getting this coverage also shields you against expensive lawsuits should subcontractors get hurt at work. Review the tips above as you consider the best insurance plan for you.