It depends—your workers’ compensation policy is unique to your business and depends on many different factors. These include your industry, the amount you pay your employees, number of employees, where your employees work, and what they do every day.
Some states allow corporations to exclude their owners, partners, principals, and/or officers from coverage, which can cut the cost of premiums. Conversely, sole proprietors may be exempt from state laws mandating coverage, but may elect to cover themselves anyway to ensure that they have income if they cannot work. If you're unsure about your state's laws or need help deciding the best approach for your company, our workers' comp experts can help.