Can Business Owners Be Covered by Workers’ Comp?
If you’re a business owner or HR manager, you know how essential workers’ compensation insurance is to your organization. No matter how many employees you have, workers’ comp coverage is legally required in most states. Not only does it protect workers financially if they get injured on the job, but it also protects businesses from being forced to pay for those medical expenses if someone gets hurt in the workplace.
While workers’ comp is required for most businesses with employees, if you’re a sole proprietor, business owner, or corporate officer, you likely are not automatically covered under that same policy. It’s important to understand that if you do want coverage as a business owner, you’ll need to actively choose it. Let’s take a look at when it makes sense to opt into or out of coverage and how OCMI Workers Comp provides flexible coverage for business owners.
When It Makes Sense to Opt Into or Out of Coverage
If you’re a business owner, it may not always make sense to opt into workers’ compensation coverage. Consider what industry you’re in and how physically demanding the work is that you do personally. If you’re actively involved in the day-to-day tasks of high-risk industries like construction, manufacturing, or transportation, opting into workers’ compensation coverage could be a smart decision. Even if you never need to use it, workers’ comp coverage can provide peace of mind that you’ll be taken care of in the event an accident does happen.
If your role as a business owner is relatively hands-off, opting out of workers’ compensation coverage might make more sense. Depending on the state, you may need to file for an exemption from insurance. Keep in mind though that having no coverage whatsoever could be a major financial risk depending on your situation.
How OCMI Workers Comp Provides Flexible Coverage for Owners
If you’re a business owner or HR manager, OCMI Workers Comp can help you get the support and coverage you need for your business. Traditional workers’ compensation policies may not be the right fit for a small business with unique needs—which is where OCMI steps in.
Customized Pay-As-You-Go Programs
If you own a small business, are in a high-risk industry, or typically hire workers on a project-by-project basis, a customized pay-as-you-go policy may be the best decision for you and your company. When you have options tailored specifically to the needs of your business, you can choose whether or not to be included in that coverage.
Streamlined Enrollment Process
OCMI’s streamlined enrollment makes the workers’ compensation process as simple and straightforward as possible. In many cases, same-day coverage is even an option. This means that you, as a business owner, can decide to opt into workers’ comp at the last minute if necessary.
Compliance Support
Though workers’ compensation is legally required in most states for companies that have at least one employee, each state typically has its own specific regulations. OCMI Workers Comp specializes in fully understanding those laws, no matter where you’re located. The team at OCMI can help you navigate those state-specific requirements to ensure you won’t be faced with fines or penalties.
Protect Yourself and Your Business with OCMI Workers Comp
As a business owner, it’s important to know the risks if you choose to opt out of workers’ compensation insurance for yourself. While it may not be necessary if you have a hands-off approach to running your business, getting coverage could be a smart choice if you’re regularly handling the day-to-day operations.
Protecting yourself in the event an accident happens at work not only provides you with peace of mind, but also concrete financial support if something goes wrong on the job. OCMI Workers Comp offers flexible solutions in terms of coverage as well as expert support to help you make the best decision for you and your business. Reach out to the experienced team at OCMI to get a free quote today.
At OCMI Workers Comp, we offer flexible coverage options tailored to your role as a business owner. Whether you choose to opt in or out of coverage, our team can help you make the right decision for your unique situation. Contact us today to explore your options and protect both yourself and your business.
