Q: Must I apply for Workers compensation Insurance if I own Corporation in NY and I am only employee in the company?
A:
Maybe.
Employers with independent contractors are surprised to discover that it does not matter what a person is called. It's what they do, how they are paid and controlled, and how much expertise they truly have that matters.
Assuming you have independent contractors who might file an unemployment claim against your corporation at some point not having unemployment, workers compensation or other insurance can be costly.
Seek counsel.
A: There is an exemption for owner's on worker's compensation policies, but if you do have any independent contractors that you pay be very careful since they may be considered employees and not having a Workers' Compensation policy in place could create huge liabilities.
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