What is the difference in coverage between a sole proprietor, partners, members of Limited Liability Companies (LLC), members of Limited Liability Partnerships (LLP), and executive officers?
SOLE PROPRIETORS, PARTNERS, MEMBERS OF LLCS AND LLPS Sole proprietors, partners, members of LLCs and LLPs are not covered under a worker’s compensation policy unless they elect the coverage. They may elect to be eligible for worker’s compensation benefits by including endorsement WC 00 03 10 with their existing policy. Premium is determined by using the payroll for individuals/partners given in the most recent rate revision circular. This election may be withdrawn upon 30 days written notice to the insurance carrier and filing WC 00 03 08 (Sole Proprietor/Partner/Officer Exclusion) with WCRB. EXECUTIVE OFFICERS Not more than two officers of a corporation, having ten or fewer stockholders, may elect not to be covered by a worker’s compensation insurance policy. The election may be made at any time during the policy period and the insurance policy shall be endorsed (WC 00 03 08) naming each officer who has so elected. The election may not be reversed during the period of the policy.
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