Finding Workers Compensation Insurance in New York

Category: Business Insurance

Virtually all New York employers are required to carry workers compensation insurance for all staff members, even part-time employees and family members who are employed by the company. Failure in obtaining workers compensation can result in a penalty of $2,000 per 10-day period of noncompliance, plus the actual award (including both compensation and medical costs), plus any other penalties the New York Workers Compensation Board assesses for noncompliance. In cases involving severely injured employees, the medical costs alone could be in the hundreds of thousands of dollars per incident.

Also keep in mind that it is illegal in New York to require employees to pay any of the costs associated with workers’ compensation premiums or injuries. All costs for the insurance must be paid by the employer.

When purchasing workers’ compensation insurance, an employer is buying coverage for their employees that helps to pay:

  • Medical services needed to treat the job injury or illness
  • Temporary disability payments to the employee to help replace lost wages
  • Permanent disability payments to the employee to compensate for permanent effects of the injury
  • A death benefit for the employee’s survivors in the event of a fatal injury
  • Legal representation for the employer by the insurance carrier

While this list seems like it benefits the employee far more, one of the most important protections workers compensation offers it to you – the employer. This insurance also prevents an employee from suing you for damages and losses due to their injury. Your business finances and assets are also protected with workers compensation.

Not all workers compensation policies are identical, however, and premiums can vary significantly from provider to provider and from industry to industry. With more than 200 private insurance companies offering workers compensation in New York, it’s difficult to sort through them all to find one that suits your business best.

We can assist your business by locating you several quotes from a variety of insurance providers, enabling you to choose a policy with the best coverage at the lowest possible rates. Contact us to find the perfect workers compensation insurance policy that protects you, your business, and your employees while meeting your bottom line.

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