As of Jan. 1, 2015, corporations must report their directors’ actual earnings, such as salaries, wages, tips, commissions, bonuses, allowances or directors’ fees. As with other types of workers, directors will be covered by workers’ comp based on those earnings. To ensure directors are eligible for the coverage they may need in the case of a claim, they are now responsible for maintaining accurate records of their own earnings. For full details, read the new policy, Coverage for Directors.
Legal Landscape - Laws and Announcements Jan. 1, 2015: Workers’ Comp Coverage of Directors to Change