There are a lot of myths and misinformation floating around about workers compensation and workers compensation insurance. As such, you may not always understand when you are required to purchase a policy and when you are not. If you have a family-owned business, you may wonder if you need workers compensation insurance. At StateChoice, serving the greater West Hartford, CT. area, we want to help you understand the answer to this question.
Are You Required to Buy Workers Compensation Insurance for a Family-Owned Business?
In the state of Connecticut, you are required to buy workers compensation insurance if you have one or more employee who works for you. This employee can be your child, a niece or nephew, your own sibling, or the employee maybe someone who has no blood ties to you. If you employ one or more individuals, workers compensation insurance is required by law.
When Are You Not Required to Buy Workers Compensation Insurance for a Family-Owned Business?
The only time that you are not required to purchase workers compensation for a family-owned business is when all of those who are working for the company own all or part of the business. For example, if you and your spouse own the business, and you are the only two who work in the business, you do not need workers compensation insurance. Likewise, if you and all of your adult children own the business together, and you are the only ones who work in the business, no workers compensation insurance is needed.
Are you looking to purchase workers compensation for your business? Here at StateChoice, serving the West Hartford, CT. area, we can answer any questions you may have about workers compensation and help you find the right policy and coverages for your needs. Call us now to get started.