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A workers' comp waiver allows certain types of businesses that provide services to other businesses to waive their right to receive workers' compensation if they are hurt during the job that they are contracted to perform. Most workers' compensation waivers must be completed and then placed on file with the Labor Commission. Many require the payment of a filing fee as well. Along with the workers' comp waiver, you may also be required to provide documentation that you meet the legal qualificatons to waive your right to receive workers' compensation.
In certain states, businesses that hire out their services to other businesses and have no employees of their own may be eligible to complete a workers' comp waiver. When a workers' comp waiver is signed, the person signing it is waiving their right to receive workers' comp in the event that they are injured on the job. Only certain types of businesses are eligible to complete a workers' comp waiver. Once the waiver is completed, it must be filed with the state. There is usually a filing fee that is paid as well. Businesses that are usually eligible to file a workers' comp waiver have no employees of their own. In short, the business owner is the business and will provide the requested services. Although each state makes its own rules regarding the type of business entities that may be eligible to use the waiver, the most common business formations approved are sole proprietorships who have no employees; partnerships with no employees aside from the partners; LLCs without employees unless they are involved in certain industries; corporations that have no employees other than its directors or officers; and independent contractors who aren't subject to the rules or control of an employer and who will only complete defined work. When you've completed yoru workers' comp waiver and you're ready to file it with your state, you may also be required to provide documentation to prove that you are eligible to file the document.
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A workers' comp waiver is used to reduce the costs associated with providing workers' compensation for employees. In every state,, workers' compensation is a requirement for most employers. However, some employers have a legal exemption based on how their business is formed and that they have no other employees aside from the owner(s) of the business. If a sole proprietor has no employees and provides a certain service to another business although they are not an employee of the other business, they may be able to complete the workers' comp waiver in their state. However, if they are hurt on the job site, they will be unable to file for workers' compensation for their injuries.
Using a workers' comp waiver can make your services more attractive to another company since they would not have to provide workers' compensation insurance during the time that you are contracted with them. Further, having an approved workers' comp waiver will also save your business money since workers' compensation insurance is a legal requirement for most companies.
Each state makes its own rules regarding the type of business entities that may be eligible to use a workers' compwaiver. The most common business formations approved are sole proprietorships who have no employees; partnerships with no employees aside from the partners; LLCs without employees unless they are involved in certain industries; corporations that have no employees other than its directors or officers; and independent contractors who aren't subject to the rules or control of an employer and who will only complete defined work.
What documentation must be provided with the workers' comp waiver?
Ultimately, each state has their own required documentation. Commonly requested documents include your incorporation documents or other proof if you're a sole proprietor.
What is workers' compensation for?
Workers' compensation is a form of insurance that is provided by most employers at no charge to its employees. When a worker is hurt on the job, they have the right to file a workers' comp claim. This may provide them with help with their medical expenses, lost wages, and other expenses.