Small Business and Entrepreneurship
Workers Compensation
Business and Industry

Do you need workmens comp for a small business?

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2011-09-13 02:21:01
2011-09-13 02:21:01

I believe that it depends on the state you live in and how many employees you will have. In Michigan if you have more than 4 additional employees you have to have it.

AnswerAll 50 states require Workers Comp though most if not all have exemptions. In Texas, you can select a Non-Subscription product that's similar to Comp. Most if not all states allow you to self-insure if you have enough cash to set aside. Even if you exercise an exemption, you remain liable, so make sure you have plenty of cash for work-related injury claims if you don't carry coverage. Also, even if you don't think your employee would sue, their spouse or minor children who have to get through life on your employee's reduced salary if he has a major injury, or without his salary and companionship if he dies, may present an issue. In short, yes, please carry Comp.
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