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.