Workers' Compensation
Work Comp coverage is required if you have any employees. However, if you are an officer, partner or member of a company you can elect to not cover yourself - if you do, it is recommended that you make sure your health insurance policy covers you on a 24 hour basis. You may also want to take out a disability policy to replace the wages lost that would be covered under work comp. Work comp policies have 2 parts, the Statutory benefits in your state and the employers liability section. Employers liability covers you if you are sued by a relative of an employee or some other third party action over lawsuit. 

Standard limits are $100,000 per accident $100,000 per person for disease and $500,000 aggregate for disease- you may want to consider higher limits, and if you want an Umbrella policy you will need higher limits- The reason many officers of corporations exclude themselves is because they will never sue themselves so will never use part 2 of the policy.


This is a brief overview of some key elements of Workmen's Compensation coverage. It is not intended to be a comprehensive analysis, you should always read your policy for complete descriptions of coverage's and limits as well as conditions and exclusions and ask your agent if you have any questions.