Question for fellow sole proprietors - workers comp ins
While I've been doing this work for years and years working as an employee, I only recently began my own business, and to this day, I am still learning the "business end" of it. You know, the part you never see working in the field under an employer, the part the administration staff handles.
So I have years of experience repairing equipment and houses, but I'm basically learning as I go along in regards to licensing and insurance.
I'm wondering if I should get workers compensation insurance on myself. I've heard some say this is a good idea, others won't even work with a contractor unless they have it, and yet others don't seem to mind.
I have general liability insurance to cover my work, but I've come to find out that's not the same.
Apparently, if I'm working on a freezer in a restaurant, and fall off the ladder, the restaurant may be liable for my injury. I didn't know this. Personally, I'd never sue a customer unless it was due to their gross negligence.
As I grow my business I'm looking to give my customers peace of mind in knowing that when they contract me to work on a project or repair, that they have practically no worries in my abilities to perform my task safely, and with little to no liability on their part.
FYI: I know that Virginia law DOES NOT require workers compensation insurance for up to three employees. So this isn't a matter of law. It is more a matter of peace of mind for my customers.
However when I have spoken to insurance agents about this in the past, they more/less told me I don't need this coverage.
If I get this, would anyone care to share about how much it cost? I've heard it can be several thousand dollars per year! If that's the case then I don't know what I'd do. Such a premium would sap up most of my profits.
No customers have mentioned it yet, but I'm just trying to think ahead and look into the future.