TRICOR
BLOG

May 04, 2018

Workers compensation can be a large expense for small businesses. It’s not uncommon for small business owners, especially new business owners, to exclude themselves from coverage on their own company’s workers’ compensation policy to reduce the expense. The assumption is that their health insurance will cover any injuries they suffer while working. The truth is that most health insurance policies do not cover work related injuries. The benefit for lost wages provided by a workers compensation policy is often overlooked during this cost/benefit analysis. Most disability policies also exclude work related disability as well. Can you afford to go without health insurance and disability insurance when you are most at risk?


As a business owner, make sure you understand whether you have any coverage for work related injuries on your health insurance and disability insurance before making any decision regarding including or excluding yourself on your workers compensation policy. And remember, as you change health and disability insurance carriers or programs, the provisions regarding “work related injuries” may change as well.

And finally, don’t fall into another trap trying to avoid the one just described. A business owner “included himself” on the workers compensation policy he bought for his employees. Unfortunately, he never showed any payroll for himself so when he was injured while working and missed a month of work, his insurance company lacked any basis for establishing his wage history and defaulted to the state minimum wage, to his dismay. 

Protect yourself by discussing this and other related issues with your trusted insurance advisor. If you have never had this conversation with your insurance advisor, it is time to make an appointment so you have the best and most timely advice. 

About the author:

MANAGE YOUR
INSURANCE ONLINE

Online Account Access

ONLINE ACCOUNT ACCESS

Mobile App

MOBILE APP

Never be without access to important policy information: pay your bill, request a change to your coverage, access documents and auto ID cards, and more

TRICOR ONLINE

Asset 1 Asset 1 Agriculture Agriculture General Business Construction Education Transportation Transportation2 Public Entity Manufacturing Non-profit Beer and Wine Health Care Health Care Grow with Us Newspaper High Value Home Home Life Insurance Health Insurance Auto Insurance Umbrella Insurance Careers Form Contact Contact TRICOR Login Asset 3 Safety Consulting Risk Management Mission Driven Service Driven Pursuit of Excellence Collaborative Approach 401(k) Voluntary Benefits Asset 1 Paid Time Off Proactive Communication Community Minded Local Experts Recreational Vehicle Renters Insurance Condo Insurance Medicare Supplement Moving to a new location Remodeling or adding on to your store or warehouse Attending a tradeshow Having a special event Asset 1 Workers Compensation Online Services Small Chevron Med Chevron Large Chevron Small Diamond Medium Diamond Large Diamond Down Triangle Down Triangle Chevron Sliver Small Chevron Sliver Med Chevron Sliver Large Left Triangle 3 to 1 Right Triangle 3 to 1