Workers Compensation - Corporate Officers - Exclude or Include?. http://www.vanscoterinsurance.com 585-663-2004 Looking for the best value for your auto insurance and homeowners insurance? Give us a call 585-663-2004. VanScoter Insurance Agency, LLC is an independent insurance agency, so we represent multiple insurance companies and shop the market for you. We represent some of the nation's top insurance companies: Erie Insurance, Travelers Insurance, Progressive Insurance, Main Street America, Farmers Insurance, Foremost insurance, Haggerty Insurance and have access to many more.
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We provide workers compensation policies for a number of our clients that have employees. Pretty much, everyone knows if your business has employees you are required to carry workers compensation. What most people don't know is that if your corporation has 2 or fewer corporate officers, you have the option to exclude corporate officers from your workers compensation coverage. If your corporation has 3 or more corporate officers they are required to be covered by workers compensation.
So the question is; "is it better to include or exclude?" It depends...of course, right? It can't be a straight forward yes or no. I would say that most of the businesses that I deal with exclude the corporate officers purely as a cost saving measure. If the officers salary isn't rated in the workers comp policy, the premium will obviously be lower. But I don't necessarily agree with their selection. Even the safest of desk jobs have their risk of getting injured.
For example, I'm an insurance agent, you would think that would be one of the safest jobs there are. I sit at a desk, talk to people on the phone and perform general office work. Sounds pretty safe and it is. My biggest risk is when I leave the office to go out on an appointment to meet someone at their house, run to the office supply store or make a deposit at the bank. I'm driving around all of the time during the day performing the duties of my job. If I get in a car accident, a workers compensation policy is going to pay my medical bills and lost wages while I'm not able to work.
That is a huge benefit for what I would consider not a lot of cost. I ask all of my business owners, what would happen if you were injured while on the job and not able to return to work for a month? How are you going to cover your medical bills? Would your income change if you're not able to work? What if you become permanently disabled, how will you support yourself for the remainder of your income earning years? You need to weigh the answer to these questions against the cost of the insurance.
I believe that if you take into consideration all the factors above, you'll realize that the cost of including yourself on the workers compensation policy is nominal compared to the benefits that you receive.
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