Q: Do I need Workers Compensation Insurance if I have no employees in the business, except myself?.
We are family consulting microbusiness, owned by my wife (she does not do work in this business). I feel Workers Compensation Insurance is useless for us, but dont want to pay fine for not having it.
A: You may still be required to carry workers comp insurance. Check with the NJ Dept. of Labor and Workforce Development based on what type of work entity you have created.
"Sole Proprietorship – All sole proprietorships operating in
New Jersey must maintain workers’ compensation insurance
or be approved for self-insurance so long as any one or more
individuals, excluding the principal owner, performs services
for the business for prior, current or anticipated financial
consideration." Since you say the business is owned by your wife, if anyone else does work, you must carry workers comp insurance.
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