One of the questions that the O’Donnell Agency LLC, serving the entire state of New Jersey, is often asked in regards to workers comp insurance is whether someone who has a family-run business needs workers compensation insurance. If you have recently opened a family-owned business, you may have this question. Read on to learn more.
When Do You Need Workers Compensation Insurance?
In the state of New Jersey, you are required to carry workers compensation insurance if you have any employees. As such, if you have any family members who work for you, and are not owners of your business, you are required to carry workers compensation insurance on them. On the flip side, if every family member who works at your business owns parts of the business, you may not be required to carry workers compensation insurance, as long as your business is an LLC or a partnership.
Do You Need Workers Compensation Insurance If You Have a Family Run Business?
In the state of New Jersey, you are required to have workers compensation insurance if you have one or more employees. It does not matter if your employees are all family members, family friends or strangers that you hire. As long as you have one or more employees, you must carry workers compensation insurance for your company.
Give Us A Call
In the state of New Jersey, if you have any employees who do not own a part of the business, you are required to carry workers compensation insurance on them, even if they are family. The team at O’Donnell Agency LLC, serving the entire state of New Jersey, can help you find the right workers comp insurance for your needs. Reach out to us today to get started.