I read in the Off Topic forum a discussion on car accidents and it mentioned an interesting concept - that if you’re driving a work vehicle, then you might need to use workman’s comp instead of your car insurance.
So this leads me to wonder, what if you’re self employed? I don’t think workman’s comp is available if you’re purely self employed, but is actually mandatory if you formed an S-Corp and pay yourself as a W2 employee.
I’ve avoided W2ing myself for this reason because it seems like a hassle to do payroll taxes and pay for things like workman’s comp. However, I wonder if setting this up would mean that I can reduce my car insurance down a little bit if Workman’s Comp will cover a car accident, if I claim that I am at work.
Any issue making a workman’s comp claim if you are the sole employee of an S-Corp that you solely own?
What are the general limits of workman’s comp?
If the claims exceed workman’s comp limits, does your health or car insurance kick in to cover the rest? And if so, does it reduce the total allowed paid by those separate policies? Or are they additive?
Is workman’s comp better or worse for the doctors involved? I know medicaid is notoriously cheap and doctors avoid those patients. If I show up with a workman’s comp case, will I receive better or worse response than if I am using car insurance or private health insurance? I know that by law, doctors aren’t supposed to discriminate, but the reality is different and I know small practices especially will discriminate and prefer patients who have better coverage or are paying cash (with respect to how soon you can get an appointment and how long your appointment lasts in the case of physical therapy or chiropracty).
All else equal (ignoring costs associated with S-corp versus pure 1099), if you got into a car accident, would you rather be a W2 of your own S-corp or be a 1099 with a slightly better car insurance policy so that it would equal same total amount workman’s comp would pay?