Am I required to get Worker's Comp Insurance Coverage?

It is typically a State requirement that you cover all W-2 Payroll Employees with worker's comp insurance. However, S-Corp business owners are usually allowed to reject covering themselves with worker's comp insurance. A quick Google search should locate information regarding the process you need to take if you want to "reject worker comp coverage of corporate officers".

(If you are using Gusto Payroll, they have an excellent state-by-state Help Center article here https://support.gusto.com/state-registration-compliance/compliance/workers-compensation/1069505751/State-requirements-for-Workers-Compensation-insurance.htm )

If you are on the road for your business we never recommend that you opt-out of this coverage. It is typically very low cost and will cover situations that other policies may not. You should check with your preferred insurance agent before ever opting-out!

 

In Colorado complete this opt-out form, have it notarized and mail it per the instructions on the form: https://www.colorado.gov/pacific/sites/default/files/WC043_Rejection_Of_Coverage.pdf