As a business owner, it is important that you understand workers compensation insurance. This form of insurance is mandatory in most states. Workers compensation in New York will protect your business in the event that an employee is injured on the job. If an employee is injured at work, your insurance policy will cover their medical expenses and some lost wages. In return for coverage, the employee will typically abandon the legal right to sue your business.
What Does Workers Compensation Insurance Cover?
There are many different injuries and illnesses covered by workers compensation insurance in New York. Here is a short list of some of the things that will most likely be covered on your policy.
- Injury received at work
- Medical bills
- Rehabilitation bills
- Loss of limbs
- Lost wages
- Diseases such as emphysema or repetitive motion
How Does Workers Compensation Help My Business?
Workers compensation insurance in New York is also designed to protect you against fraudulent lawsuits. In the event that an injured employee files a fraudulent lawsuit against your business, your legal bills will be covered thanks to the liability section of your coverage. For this reason, many business owners find that having workers compensation insurance provides them with incredible peace of mind. Workers compensation in New York is an affordable asset that will benefit not only your business, but also your employees.
Workers Compensation in New York is likely to be one of the most important insurance policies you’ll ever purchase but that doesn’t mean it should be complicated. Here’s what you need to know about this valuPreviewable policy and how it helps you.
A Policy That’s Good for Employees
All employees deserve to work in an environment where safety is a priority; you can create this environment by having Workers Compensation in New York. This policy protects employees in the following ways:
- Compensates for the cost of medical expenses including doctor’s visits, tests, and rehabilitation
- Provides payment in the case of dismemberment
- Assists with the expense of illness contracted while on the job
- In the case of employee death, the immediate family is compensated for the loss of the employee’s earning power
A Policy That’s Good for Employers
Employers receive numerous benefits from having Workers Compensation in New York:
- Your policy helps protect against lawsuits and other claims brought against you or your business
- Many valuable lines of coverage purchased for a reasonable premium
- Grants high levels of liability coverage
- Coverage applies to all business property
- Additional coverage available to protect employees while engaged off-site
To help make these policies more effective, your insurance company may offer you safety evaluations. These evaluations identify safety risks that have gone undetected; taking steps to correct these oversights will prevent devastating accidents later on.