Workers' Compensation Without Employees?

I live in South Carolina and I need to know if I need Workers Compensation if I have no employees.  I have started an LLC with my partner.  If I don't need Workers Comp, what do I need?

Answer:

If you don't have employees, you generally don't require Workers' Compensation. There are exceptions to that rule though, particularly if you are doing work in the trades as part of your LLC, or if the work you perform could have a high risk of injury on the job. If so, you should get it, even if it's just for you and your partner.

As for other insurance you need, here's some recommendations:
1. Liability insurance for your business. This is often called "Errors and Omissions" insurance, and it covers you for mistakes you make in the course of doing your business.
2. Small business health insurance. We all should have health insurance -- and you can likely get it more cheaply if you can get it in a small group situation. If you are fully insured through your spouse's workplace, then feel free to skip this. However, if you want more information, I'd go to the Department of Insurance website for South Carolina and look at their information on companies that sell health insurance for small business: www.doi.sc.gov/Eng/Public/Consumer/Smallbus.aspx
3. Insurance on your business assets. Obviously, if you have special equipment or tools needed for your business, you should have insurance on it for theft, fire, etc. You want to cover your business for the same kinds of standard "perils" that a homeowners insurance policy will cover your home for.
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