24 Feb Officer Exclusion from Workers’ Compensation Insurance
Officer Exclusion from Workers’ Compensation? Opting Out?
Depending on your state and business type officer exclusion may be an option for your organization.
Executive officers of a corporation are usually included for coverage under each state’s workers’ compensation laws unless they file for an exclusion from the policy. Partners and sole proprietors are generally exempt from coverage but may elect coverage under the policy.
Items to take into consideration:
• Weighing the Benefits of Workers’ Compensation Insurance
• Why would someone opt out of workers’ compensation insurance?
• Drawbacks of Opting Out
• Additional Premium Charges
We could write page after page about the benefits of workers’ compensation coverage but in the essence of your time, we will be brief. The benefits are the same for everyone covered under a commercial workers’ compensation policy, including officers. Workers’ compensation coverage pays benefits to workers injured on the job. These benefits include medical care, a portion of lost wages and permanent disability. It also provides death benefits to dependents of employees killed from a work-related accident.
We are happy to provide you a detailed overview of the Workers’ Compensation Officer Exclusion. Click here
Still have questions regarding your workers’ compensation? Contact us today! We are here to provide assistance with your coverage to protect you against varied risks.