Workman's comp insurance
Workman's comp insurance
(OP)
Just a quick question for anyone else that is the sole Owner/employee of an Engineering firm.
My City recently asked for a workman's comp certificate in order to renew my business license. I was always under the impression that the Owner (or an officer or family member) were not required to carry workman's comp (or possibly even claim against it). I'm sure this varies wildly from State to State, I'm just curious. I do small fish Engineering and my wife helps with the paperwork from time to time. The cost of that insurance (if I read the State's actuarial tables correctly) is about $3k/year. That's not chump change, especially for something I possibly might not even be able to claim (which I fully understand from an insurer's perspective - I think I feel carpal tunnel coming on as I type).
I know any opinions are worth what I've paid, I'm just trying to assemble information before a meeting with my insurance agent next week.
My City recently asked for a workman's comp certificate in order to renew my business license. I was always under the impression that the Owner (or an officer or family member) were not required to carry workman's comp (or possibly even claim against it). I'm sure this varies wildly from State to State, I'm just curious. I do small fish Engineering and my wife helps with the paperwork from time to time. The cost of that insurance (if I read the State's actuarial tables correctly) is about $3k/year. That's not chump change, especially for something I possibly might not even be able to claim (which I fully understand from an insurer's perspective - I think I feel carpal tunnel coming on as I type).
I know any opinions are worth what I've paid, I'm just trying to assemble information before a meeting with my insurance agent next week.





RE: Workman's comp insurance
RE: Workman's comp insurance
RE: Workman's comp insurance
Thanks folks. This gives me some more questions when the insurance people get here.
RE: Workman's comp insurance
RE: Workman's comp insurance
Worker's comp is relatively inexpensive for consulting work. I've priced it out for geotech and it goes up substantially higher (relatively) if you perform drilling in-house.
You didn't ask, but I think paying for worker's comp is a no brainer. If you do not have it, you must notify your employees that you don't. Also, when you don't carry it, all limits to the liability an employee can hold you to are removed, in addition to not being insured. Worker's comp acts as insurance AND by carrying it, you also benefit from increased legal protection than if you don't.
RE: Workman's comp insurance
RE: Workman's comp insurance
RE: Workman's comp insurance