Family Business Exemptions Get House Approval

                               
Oklahoma City, OK (CompNewsNetwork) - Legislation exempting small family businesses from carrying workers' comp insurance has been approved by the Oklahoma House of Representatives.

House Bill 1003, by state Rep. Sally Kern, would allow family businesses with five or few employees who are all related to be exempted from workers' comp insurance requirements.

Current law only allows for a natural person to be exempt.

"Reforms approved in 2005 eliminated exemptions for partnerships, limited liability companies and corporations that have proven difficult for small, family businesses," said Kern, R-Oklahoma City, said. "It's not a problem for large corporations, but the reforms unintentionally forced many family businesses to carry thousands of dollars in insurance that they did not previously have to obtain. That's a big burden for small businesses and could threaten their financial survival."

House Bill 1003 passed the Oklahoma House of Representatives on a 94-2 vote. It now proceeds to the state Senate.
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