Self-employed people Minnesota often have a lot of questions regarding business law, benefit programs and insurance. One will be whether or not you need to apply for workers’ comp benefits. This may seem like an unnecessary expense, particularly if you are engaged in a low-risk field. But it may be a move that will pay off great dividends in the future.
When do you need workers’ comp?
Applying for workers’ comp may be the last thing on your mind when you are starting a new business. However, because you are your own boss, you are also responsible for caring for yourself. This is particularly true if you don’t currently have health insurance.
You deal with certain serious risks if you are employed in a dangerous field, such as high-rise window cleaning. You can be out of work for weeks or months after a fall. You may even suddenly be facing the prospect of long-term or permanent disability. In such a case, it makes sense to pay the extra cost in advance for a workers’ comp policy.
You may be required to obtain workers’ comp
There are certain situations in which you may be required to show proof that you have workers’ comp. This is especially true if you work in an area where the risk of physical or mental injuries, such as PTSD, is present. In such cases, a company may require even their subcontractors to carry a full workers’ comp policy.
You may find that this will be a prerequisite for being hired for high-risk construction projects or cleanup jobs in highly toxic areas. You can apply for help in case you have any trouble finding a policy on the open market.