How much is workers’ comp insurance for self-employed

The cost of workers’ compensation insurance for self-employed individuals can vary greatly depending on several factors, including:

  • Your state: Workers’ compensation laws and rates vary from state to state. In some states, workers’ comp is mandatory for all businesses, even if you’re self-employed. In other states, it’s only mandatory if you have employees.How much is workers' comp insurance for self-employed
  • Your job classification: Jobs that are considered more dangerous or have a higher risk of injury will have higher premiums. For example, a construction worker will typically pay more than an office worker.
  • Your estimated annual earnings: Your workers’ comp premium is usually based on a percentage of your estimated annual earnings.
  • Your claims history: If you have a history of few or no claims, you may be eligible for discounts on your premium.

Here’s a rough estimate of how much workers’ comp insurance might cost for self-employed individuals:

  • Average monthly cost: $20-$45
  • Average annual cost: $240-$540

However, it’s important to remember that these are just averages. The actual cost of your coverage could be much higher or lower depending on the factors mentioned above.

Here are some tips for getting the best rate on workers’ comp insurance for self-employed individuals:

  • Shop around and compare quotes from different insurance companies.
  • Ask about discounts for things like good driving records or safety programs.
  • Consider a higher deductible to save on your premium.
  • Make sure you understand the coverage limits of your policy.

Here are some resources that can help you find workers’ comp insurance for self-employed individuals:

I hope this information helps!

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