Executive officers of a corporation covered under a policy have the same status as the employees covered under the policy. Premium is based on their total payrolls, and must fall between certain minimum and maximum payroll amounts that are established each year by each State.
LEGAL ENTITY: Corporate Executive Officers:
The payroll of an executive officer is to be assigned to the classification that applies to the principal operations in which the executive officer is engaged.
If an officer elects to be excluded from coverage, ClearPath Mutual requires documentation:
Officers of a Corporation are automatically Included; unless elect to be Excluded.
REQUIRED Exclusion Forms by State:
|State||Required State Document||Must be filed with State||CPM requires a copy of Document|
Partners, Sole Proprietors, Members of LLC
Ordinarily, partners, sole proprietors, and members of limited liability companies are excluded from coverage. However, they can be covered, and if so, they have the same status as other covered employees and documentation may be required.
Partners, Sole Proprietor &/or LLC Members are automatically Excluded; unless elect to be Included.
REQUIRED Forms by State:
|State||Required State Document||Document must be filed with State||CPM requires a copy of Document|
The premium is based on an annual payroll amount that is established by each State each year. The established payroll amount is used in calculating premium regardless of whether the individual's actual earnings are more or less than the established amount.
LEGAL ENTITY: Partnership, Sole Proprietor &/or LLC Members
If your company adds a new operation or class that is not on your original payroll schedule, please contact your agent to determine the new payroll classifications and rates. This will avoid a large audit billing or overpayment of premium.
Start or Buy a Company
If you start or buy a new company, you must have your agent contact ClearPath Mutual to see if it can be added to your policy.