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Tip 4: Workers' Compensation
· Business owners' may be able to exempt themselves from workers' compensation expense…
In many states business owners', stockholders, and directors of companies are able to exempt themselves from workers' compensation by filing an exemption with their state.· Common Avoidable Costly Error Business Owner's Make…
Discuss with your workers' compensation insurance carrier the laws of your particular state regarding policy exemptions. This will help to keep your workers' compensation insurance premiums down. Beware, if you elect to become exempt, that in the event of an injury, you have no insurance or income through the workers compensation fund during your recovery period.Your insurance carrier can direct you to how to file with your state…so that you get credit at the end of the policy period.
Be sure to consider all the facts before making the decision to exempt yourself, partners, or etc. Talk to your insurance agent and if necessary seek legal counsel.