Sole proprietors and partners are considered employers, not employees, and are not covered by your policy. Sole proprietors and partners can be added to the policy by endorsement. Payroll for all sole proprietors and partners is currently assessed at $15,600 per year.
Corporate officers are considered employees of the corporation and must be covered. An exception is made for corporations when there are no more than two owners of the corporation who are also the only employees of the corporation.
Currently, payroll for corporate officers is based on actual payroll, subject to a minimum of $250 per week and a maximum of $500 per week.
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified insurance lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact an attorney in your area from our directory to discuss your specific legal situation.