Workers’ compensation is a coverage many sole proprietors might not think could apply to them. But did you know there are several coverage features that might actually be beneficial that your life, health, disability or other personal insurance coverages might not offer?
Below are 4 ways workers’ compensation benefits can apply to employees, owners and sole proprietors who are injured on the job.
Income benefits (other than impairment income benefits) replace a portion of any wages you lose because of a work-related injury or illness. Income benefits include temporary income benefits (TIBs); impairment income benefits (IIBs); supplemental income benefits (SIBs); and lifetime income benefits (LIBs).
Medical benefits benefits pay necessary medical care to treat your work-related injury or illness.
Burial benefits pay for some of the deceased employee’s funeral expenses to the person who paid the funeral expenses.
Death benefits replace a portion of lost family income for eligible family members of employees killed on the job.
Sole proprietors, such as home inspectors, might never consider getting workers’ compensation coverage. However, if a home inspector falls off a roof during the performance of a home inspection, some personal health insurance policies exclude coverage for on the job injuries. In this case, if the home inspector were to be disable or worse, killed, there would be coverage in a workers’ compensation policy specifically designed to replace lost income and funeral costs.
Workers’ compensation laws, benefits, premiums and availability of coverage will vary by state.
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