As a new business owner, you’ve invested a lot of time and effort to build your business. But if you’re injured at work, can you manage the cost of taking care of yourself and your business? Worker’s compensation insurance is designed to protect you and your employee if you or one of your employees is injured at or becomes ill from work.
Why Register with WorkSafeBC?
When work-related injuries or diseases occur, WorkSafeBC’s no-fault insurance system provides compensation to cover all claims by injured workers; meaning that you’ll never have to individually cover the full cost of a claim — providing you peace of mind for your employees and their families.
Who Needs Coverage?
In British Columbia you are required, by law, to register your business with WorkSafeBC if you:
- Are an incorporated or limited company, or
- Employ workers either full-time, part-time, casual, or on a contract basis.
If you are self-employed and do not hire any workers or unregistered contractors, you do not need to register or pay premiums.
Am I Covered if I’m Self-Employed or Own My Own Business?
Did you know that if you’re a self-employed proprietor or a partner operating an independent business and you’re injured at work, you’re not automatically covered under the Workers Compensation Act?
If you’re self-employed or are the business owner, or business partner in a non-limited company, you can apply for Personal Optional Protection (POP) coverage. Many business owners decide to purchase POP because the required insurance registration doesn’t cover you, the owner; it covers your employees who will be eligible for compensation from WorkSafeBC if they become injured or ill at work.
Benefits of Personal Optional Protection (POP) insurance
Personal Optional Protection (POP) is designed to cover your income loss should you suffer a work-related injury or disease. It also includes the costs of health care, rehabilitation, and vocational services, if needed. While a work-related injury or illness can be devastating to both you and your family, it can take an even heavier toll if you don’t have enough insurance to cover basic living expenses.
How Much Will POP Cost?
When applying for POP coverage, you can choose the amount of monthly coverage you would like. The cost of coverage varies and depends on the amount of coverage you select and your premium rate. You can review your cost and coverage before you finalize your application.
Need more information?
We offer a number of services to help small businesses get the most out of their relationship with WorkSafeBC. Learn more on the Small Business Services page on worksafebc.com.