California | Workers Comp
Legal Question
We have a small privately held technology company and are in the process of closing our first round of funding. To date there have been no paid employees of the company, just founders all of whom own >10% of the outstanding stock. Once we close this funding we will convert everyone to salaried employees. 3/5 of the founders are Officers of the Company and 2/5 are on the Board of Directors. After the funding all officers will still hold >10% of the outstanding equity.
My questions is whether Workers' Compensation coverage is required for these officers and/or directors. Our Broker suggested it is not required, but I'd like an independent opinion.
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