{"id":91,"date":"2025-01-27T04:00:00","date_gmt":"2025-01-27T10:00:00","guid":{"rendered":"https:\/\/www.brentyoungagency.com\/blog\/?p=91"},"modified":"2025-01-24T15:23:59","modified_gmt":"2025-01-24T21:23:59","slug":"commercial-insurance-to-protect-employees-workers-compensation-coverage","status":"publish","type":"post","link":"https:\/\/www.brentyoungagency.com\/blog\/commercial-insurance-to-protect-employees-workers-compensation-coverage\/","title":{"rendered":"Commercial Insurance to Protect Employees: Workers Compensation Coverage"},"content":{"rendered":"

At Brent Young Agency LLC, we believe in empowering our clients with a thorough understanding of commercial insurance coverage, enabling them to keep their Manchester, CT, businesses fully compliant. In certain instances, state or federal governments mandate companies purchase insurance, such as workers’ compensation insurance. This blog post explains when a Connecticut business is required to purchase workers’ compensation insurance and the extent of coverage it must carry.<\/p>\n

Workers’ Compensation Insurance in Connecticut<\/h2>\n

While some states only require a workers’ compensation policy for companies with multiple employees, typically three or more, your Manchester, CT, business must carry one as long as it employs even one person. The law makes an exception for sole proprietors unless they choose to pay themselves as employees. Most sole proprietors don’t do this; self-employed individuals typically file personal taxes and pay their own Social Security taxes.<\/p>\n

If the individual expands their company to hire a part-time or full-time employee, they would need to purchase workers’ compensation insurance. However, this insurance coverage is not required if they contract with an independent contractor.<\/p>\n

Workers’ Comp Policy Requirements<\/h2>\n

Workers’ compensation is part of the commercial insurance category known as property and casualty (P&C) insurance. There is no standard rate for this type of insurance, and the cost of a policy varies depending on the jobs and salaries or wages of the company’s employees.<\/p>\n

Your insurance agent calculates it using estimated payroll wages and class codes, not actual wages. This means it’s always subject to an audit. If you know the class codes and salaries you plan to offer, you can estimate your workers’ comp premium rates, as they’re always expressed as a percentage of $100 in wages.<\/p>\n

Tax Breaks for Workers’ Comp<\/h2>\n

The government doesn’t only take; it also gives. The Internal Revenue Service (IRS) and the state of Connecticut consider workers’ comp insurance premiums separate from payroll, allowing business owners to list them as expenses on their taxes.<\/p>\n

Contact Us Today<\/h2>\n

When you expand your local business, contact Brent Young Agency LLC for your workers’ compensation policy. Let us help you stay compliant.<\/p>\n","protected":false},"excerpt":{"rendered":"

At Brent Young Agency LLC, we believe in empowering our clients with a thorough understanding of commercial insurance coverage, enabling them to keep their Manchester, CT, businesses fully compliant. In certain instances, state or federal governments mandate companies purchase insurance, such as workers’ compensation insurance. This blog post explains when a Connecticut business is required […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[6,9,5],"class_list":["post-91","post","type-post","status-publish","format-standard","hentry","category-commercial-insurance","tag-brent-young-agency-llc","tag-commercial-insurance","tag-manchester-ct"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t