Small Business Exemptions Legislation Signed By OK Governor

                               
Oklahoma City, OK (CompNewsNetwork) - Legislation exempting small family businesses from workers' comp insurance mandates was signed into law this week.

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

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

Kern said reforms approved in 2005 eliminated exemptions for partnerships, limited liability companies and corporations and those changes have proven difficult for small, family businesses

“This is not a problem for large corporations, but the reforms unintentionally forced many small family businesses to carry thousands of dollars in insurance, burdening them to sometimes the point of closure,” said Kern, R-Oklahoma City. “This bill will alleviate that situation and increase the ability of these families to maintain a successful business.”

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