As an independent contractor, you are aware that an accident can occur at any time. If you are injured on the job or contract an illness, workers’ compensation can cover your medical bills and help replace your lost wages. Common instances when workers’ compensation assists contractors include slip and fall accidents, burns, serious back injuries, and carpal tunnel syndrome. Workers’ compensation also covers your rehabilitation, so all you have to do is focus on getting better.
The following are some of the ways in which a workers’ compensation policy proves to be an asset for independent contractors.
- Ensures Adequate Compensation
As a contractor, you may end up being involved in life-threatening accidents. If you are seriously injured in such accidents, you will receive medical, income, and disability benefits. If, unfortunately, you die due to your injuries, workers’ compensation will assist your loved ones by providing burial benefits.
- Offers Daily Protection
Every day, you likely perform high-risk activities. For example, you may operate heavy machinery and other dangerous equipment, where a simple error can turn fatal. If you suffer a serious injury, workers’ compensation alleviates the stress as you figure out your options.
- Covers Hired Contractors
Workers’ compensation protects other contractors who work for you. If one of your hired contractors suffers a serious injury, you could face disruptions as you go through the legal process. The financial consequences of such lawsuits may cause you to lose everything. Workers’ compensation policy helps you protect your assets by paying for the injuries sustained by your hired contractors.
- Offers Legal Protection
In addition to protecting you against possible legal action, workers’ compensation enhances your business. You have to adhere to state laws regarding workers’ compensation policies. This policy helps you avoid potential fines while allowing you to build your customer’s trust.
- Helps You Get High-end Contracts
Many larger companies will hire you as an independent contractor only after you show them proof of being covered with adequate insurance. Some companies especially in the construction industry, will not even think of working with you unless you show them proof of insurance. Having adequate workers’ comp insurance lets them know that you are well-protected and will not pose risks for your potential clients.
Carrying workers’ compensation ensures that you are taking care of your business and giving it a chance to grow in the future. Do you have more questions related to workers’ compensation? If so, then contact the experts at the Scavone Insurance Agency Center LLC in White Plains, New York, today. We are here to assist you with all your coverage needs.