This true story demonstrates why you should protect yourself.  The Workers Compensation Insurance premium for an owner of a corporation is usually $300 to $400 per year and yet provides the ONLY protection that you will have in the event of a terrible auto accident, or other injury, on the job. Don't make this common mistake of small business owners!  

In the late 198O's a former officer of our agency was traveling to a hunting lodge with a customer. The customer was driving and fell asleep at the wheel, drove off the highway, and hit a telephone pole.  Our employee was crushed by the falling telephone pole. In fact he had at least 13 operations with extensive reconstructive and plastic surgery of the leg, foot, head and face. The cost (in 1980s dollars) was well over $600,000 in medical costs plus another $100,000 in lost wages.  The insurer paid all of the cost under our Workers Compensation policy without deductibles, coinsurance or co-pays.  And any Medical costs related to this accident, for the remainder of his life, will be paid under that Workers Compensation claim. The annual cost for this coverage, as an Executive Officer of the corporation, was about $300 per year. 

Injuries incurred "on the job" are usually EXCLUDED in health insurance policies. Check your health insurance policy booklet and you will find that Workers Compensation is probably one of the first few exclusions. 

Don't leave yourself without this vital coverage especially considering the minimal premium savings.  And remember since Workers Compensation is true, no fault coverage, you are not "suing" your company for compensation benefits. The protection is there to take care of you in the event of any injury incurred in the "course and scope" of your work.  No other insurance protection is designed to do this.