Why Corporate Officers should be included on Workers’ Compensation Policies

Workers’ Compensation Insurance

Almost every business needs, and is required to have, workers’ compensation insurance. Most states (with a few important exceptions) essentially require employers to purchase a workers’ compensation insurance policy to handle their statutory obligations to workers who are injured or made ill due to a workplace exposure. While owners and corporate offers can exclude themselves from coverage, there are benefits and reasons to be included.

Why Keep Officers on Workers’ Compensation Insurance? 

The benefits are the same for everyone covered under a commercial workers’ compensation policy, but officers many not have thought about these for themselves. Benefits include:

  • Lost wage benefits with no waiting period or deductible.
  • A death benefit as provided under state law.
  • 24 hour coverage on foreign travel.
  • If an owner or officer needs to be retrained as a result of an on the job injury, there is coverage for retraining.
  • No co-pay like there is under medical insurance. 

It may not make sense for every owner or officer to consider this; it should be reviewed and considered periodically. Call our office today. Let one of our workman’s compensation insurance specialist’s help you determine if this is an effective risk transfer tool.

We offer free, comparative quotes on workers’ compensation insurance from multiple insurance carriers so you can get the best possible rate.

Want to see how much we can save you? Just request a quote to find out.

June 3rd, 2014 by Partners Risk Services