Workers' Compensation Insurance
for Accountants, Advisors, Appraisers, Brokers & Other Finance Professionals
Otherwise known as "workman's comp" or "workers' liability insurance," Workers' Compensation Insurance makes sure your employees' medical bills and lost wages are paid for in the event that they suffer an injury on the job or develop a work-related illness.
As a startup or small-business owner without insurance, these costs may be higher than you can afford. In addition to medical bills and lost wages, you may have to hire a temporary worker to fill in while the injured employee recovers. Workers' Compensation Insurance will help ensure your business stays up and running, even in the face of tragedy. In addition, you can choose a policy that will protect you, the business owner, in the event that you are injured on the job.
Learn more about how Workers' Compensation Insurance can protect you and your accounting, tax preparation, or finance business.
Workers' Compensation Insurance Works For You
Accountants, Tax Preparers, & Finance Professionals: How Workers' Compensation Insurance Works For You
The life of an accountant, tax preparer, or finance professional doesn't usually include fireballs or minefields, but that doesn't mean you or your employees will never get injured or fall ill on the job. For your field, Workers' Compensation Insurance is for those "what if's" and "worst case" office scenarios…
- Carpal tunnel strikes an employee and surgery is required.
- While reaching for more computer paper on a high shelf, an employee falls from the stepstool and breaks his arm.
- Black mold has been hiding in the office restroom, causing an employee to develop symptoms.
Without insurance, the costs of compensating one of the above employees may place your business on the edge of financial ruin. In other cases, an employee may try to take you to court based on an unfounded claim. This could still spell disaster for your financial company, as a legal defense can be very expensive — attorney's fees, court costs, docket costs, and witness fees add up quickly.
Again, insureon understands that accounting, tax preparation, and finance operations are quite "low-risk" where on-site injuries and illnesses are concerned. But Workers' Compensation laws are regulated at the state level, and most states require you to carry some kind of Workers' Compensation Insurance. For example, some states require all companies with W2 employees to carry coverage. Others instruct all companies — regardless of size and employee tax classification — to carry coverage.
When you're ready to purchase a policy, be sure to check your state's Workers' Compensation requirements, or contact one of insureon's agents for guidance. In the meantime, you can read on to learn more about the important details that may affect your policy.
Workers' Compensation Insurance: Tips
Workers' Compensation Insurance: Tips for Accountants, Tax Preparers, & Finance Professionals
When it comes to Workers' Compensation, it is extremely important to check your state's laws and regulations, as the details and requirements of your Workers' Compensation package will depend on them. Below are some details to keep in mind when deciding on a policy for your business:
Pool or No Pool
Some states sponsor insurance "pools" from which you can purchase your company's Workers' Compensation policy. However, it's more common that you'll have to find coverage on your own.
If you are your company's only employee and you work in a state that doesn't require solo operators to carry Workers' Compensation Insurance, be sure to check your contract. Some contracts will still instruct you to carry a policy because the client doesn't want to pay for your coverage — they might have a policy that allows their insurance carrier to automatically add you to their company's insurance package!
Additionally, you may want coverage, regardless of state laws, so that you are compensated in the event that you cannot work.
Do you hire independent contractors? Some state laws require businesses with 1099 contactors to add them to their Workers' Compensation policy. Alternatively, you can require these contractors to provide their own coverage upon hire.
Excluding the Business Owner
If you live in a state that allows corporations to exclude their owners from Workers' Compensation policies, this cost-saving option might be the right choice for your business.
Customize Your Workers' Compensation Policy
Accountants, Tax Preparers, & Financial Professionals: Customize Your Workers' Compensation Policy
Whether you are ready to purchase a Workers' Compensation policy or you still have questions about your business's needs, one of our insurance experts who specialize in accountants, tax preparers, and finance professionals is ready to assist you. This type of policy is a wise investment for any finance startup or business, so customize your plan today!