New York Notice of Election of Corporation To Exclude Sole Shareholder Officer Or Executive Officers Shareholders From WC Coverage is a form that must be completed and filed with the New York State Workers' Compensation Board by a business that wishes to opt out of the coverage of workers' compensation for its sole shareholder, officer, or executive officers. This form must be filed within 30 days of the election to exclude these individuals from coverage and must include the name of the corporation, the name of the sole shareholder, officer, or executive officers, the date of election, and the signature of the corporation's authorized representative. The form must also be accompanied by a copy of a resolution of the board of directors of the corporation certifying the election. There are two types of New York Notice of Election of Corporation To Exclude Sole Shareholder Officer Or Executive Officers Shareholders From WC Coverage: 1) Notice of Election to Exclude Shareholder Employees from Coverage 2) Notice of Election to Exclude Officer/Executive Officers from Coverage.
New York Notice of Election of Corporation To Exclude Sole Shareholder Officer Or Executive Officers Shareholders From WC Coverage
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FAQ
Section 11 of the New York Workers' Compensation Law also bars third parties from suing an injured worker's employer for contribution or contractual indemnification unless the employee has sustained a ?grave injury? as defined by law.
Is Workers' Compensation Coverage Required? Virtually all employers in New York State must provide workers' compensation coverage for their employees (WCL §2 and 3).
Workers' compensation coverage IS NOT required for partnerships, LLCs, and LLPs that do not have employees. Members and partners are not considered employees for the purposes of obtaining workers' compensation insurance, but may voluntarily cover themselves under a workers' compensation policy.
In order to be excluded, the executive officer must execute a written waiver of his or her rights under the Labor Code stating under penalty of perjury that the person is a qualifying officer or director and is desirous of opting out of workers' compensation.
Workers' compensation coverage is required for sole proprietors with employees, including part-time employees, borrowed employees, leased employees, family members, and volunteers (WCL §3 Groups 1-14-a).
Independent contractors You may need insurance even for those receiving 1099s. Workers' compensation insurance protects employers and employees against financial loss in the event of a work-related injury or illness. Employers must continuously carry workers' compensation insurance for their employees.
Workers' Compensation coverage is not required if the business is a one or two person owned corporation, with those individuals owning all of the stock and holding all offices of the corporation (each individual must hold an office and own at least one share of stock).
Executive officers of a corporation are mandatorily covered under the New York Workers' Compensation Law and have the same status as employees under the policy.