Alternatives To Worker’s Compensation Insurance For The Self-Employed

Worker’s Compensation

When you’re self-employed, you don’t have access to most of the benefits that come from working for someone else. But this doesn’t mean you won’t need those benefits at some point. Worker’s compensation insurance is provided by most employers to help employees if they are injured while on the job. Self-employed individuals may not be able to claim traditional worker’s compensation during a work-related injury or illness, but there are other options available. If you work for yourself, are a freelancer, or gig worker, you may want to consider investing in a worker’s compensation alternative. 

What are your options?

Many companies offer insurance policies similar to traditional worker’s compensation. If you’re interested in purchasing a policy, be sure to shop around to find one that meets your needs and budget. Most companies offer different coverage options at varying price points, which allows you to choose one that you can afford and that will help you out if you need it. Before signing up, thoroughly read your contract so that you understand what is covered and what isn’t.

What will it cover?

Like employee-sponsored worker’s compensation insurance, plans designed for self-employed individuals and freelancers will cover most injuries or illnesses that occur while you’re working. If you’re injured on the clock, you can file a claim to be compensated for your loss of wages and medical expenses. Some policies may also provide you with an income if you suffer a temporary or permanent disability related to work.

If you’re self-employed or do freelance work, you likely enjoy the freedom of working on your terms. But that freedom does come with some downsides when compared to having an employer, especially when it comes to worker’s compensation insurance. Fortunately, you do have the option to purchase a policy for yourself based on what you need and can afford. While many people go their entire lives without needing this type of coverage, having it in place provides peace of mind that you can get through your recovery without suffering significant financial hardship.   

Recent Posts