Learn how to protect your business after the new workers’ comp bill takes effect.
Your business is important. It’s your livelihood that helps to support you and all your employees. It’s important to make your business a priority, which is why you need to protect your company with the right insurance. With the threat of costly lawsuits, ensure that you have the right coverage, especially when it comes to your workers’ compensation coverage. With new workers’ compensation legislation, it’s important that you know how your business is affected. Check out what you need to know about this new workers’ compensation bill and how it affects your coverage.
About the Bill:
Recent legislation calls for changes in how coverage is allocated in workers’ compensation insurance policies. The bill changes how executive officers are treated under the policy. Under the new legislation, the bill changes the terms under which officers can be excluded from the company’s workers’ compensation policies. Previously, they could have been excluded if they owned a single stock share. However, after January 1, 2017, these parameters change. No longer may excluded officers have a single share, but they must own at least 15 percent of the company and outstanding stock of the corporation to be excluded from the workers’ compensation policy. Along with the changes, the minimum chargeable salary for an excluded officer is $48,100 and the maximum is $122,200.
How it Affects Your Coverage:
When it comes to your business, it’s important that you have all the coverage that you need for all your employees. Ensure that you update your policy so that you get the right coverage for your needs. If you have any excluded officers with less than 15 percent ownership, it’s imperative that you contact the professionals at Weaver Insurance. Additionally, be aware that if you decide to exclude officers, make sure your health coverage offers 24-hour care. That way you have coverage, even if you’re injured on the job.
Get the assistance that you need when it comes to your company’s workers’ compensation coverage. Consult with your independent insurance agent for assistance with your workers’ compensation insurance. Contact the professionals at Weaver & Associates Inc. Our team in Arcadia, California provides you with dedicated service and expertise when finding the best personal and business insurance for your needs.