Workers' compensation insurance for the self-employed: here's what you need to know

Workers’ compensation insurance for the self-employed: here’s what you need to know

For many employees who work for other people, the only person you need to think about getting insurance for is yourself and your family. Many small and large businesses will also have various insurance options for their employees. But for independents, things are a bit more complicated.

Freelancers only work for themselves and work directly with clients. Just over 6% of workers in the United States were self-employed in 2020, according to the latest data from the Organization for Economic Co-operation and Development, an intergovernmental organization created to increase economic growth and global trade. For those who are self-employed, many own businesses that employ other people, from small law firms to construction companies. Employing even a few other people for these contractors or professional practices usually comes with the obligation to carry workers’ compensation.

Workers’ compensation is a form of insurance that provides benefits, including medical expenses, lost wages, and rehabilitation, to people who are injured or become disabled on the job. Workers’ compensation rules vary by state and often by industry. There are different rules for different types of workers that each freelancer hires.

Simply Business has compiled a list of what self-employed people should know about workers’ compensation using government data and regulations as well as internet research. It is important to note that worker compensation requirements vary greatly depending on where you live. Keep reading for the most important highlights to learn more.

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