At All Arizona Insurance, we strive to stay on top of changes in Arizona insurance law on behalf of our clients. Our commercial insurance policyholders depend on us, not only to recommend the right business insurance coverage, but to help them change that coverage when the rules for commercial property, liability, business auto, or workers’ compensation insurance change.
Recently, new rules regarding Arizona insurance have affected the way workers’ compensation insurance premiums are calculated. Workers’ compensation insurance is a mandated coverage. That means that any company that employs workers must buy workers’ compensation insurance.
Previously, however, any stockholder of an Arizona corporation or limited liability company, even if they were actively working in the company, were allowed to be excluded from the workers’ compensation premium calculation, saving the company money.
Not anymore! With the rule change, only working stockholders or partners who own more than a 50 percent share of a company may be excluded from participation in Arizona workers’ compensation insurance. This means that you could be paying more for workers’ compensation insurance in the coming year, if you are an Arizona employer who previously excluded certain owners from the wage base.
Not sure if the new Arizona workers’ compensation law affects your business insurance policies? Give us a call at All Arizona Insurance – 480-443-1973. We’ll do a free, no-obligation review of your workers’ compensation policy to see how your premiums may change!