Do I need workers' comp if I have health insurance?
As a business owner you might be asking: Do I need workers comp if I have health insurance? The answer is no, and yes, depending on if you operate solely or if you have employees.
While workers' compensation insurance and health insurance both provide protection from illness and injuries, that's where the similarities end.
Workers' comp can provide several benefits if you or your employees are injured on the job or suffer from a work-related illness. And it's required in most states if you have at least one employee.
Health insurance can help pay the medical expenses for non-work related injuries or illnesses if you have fewer than 50 employees, you're not required to offer health insurance. But, if you have 50 or more, you may be obligated to offer this coverage.
When it comes to workers' compensation premiums, you must pay 100 percent of the cost. And with health insurance, you typically contribute a portion of the monthly cost with your employee paying the rest.
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This policy helps pay for medical bills from workplace injuries and occupational diseases, and it provides disability benefits while you're recovering and unable to work. Most states require workers' comp as soon as a business hires its first employee.
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