Workers Compensation


Workers Compensation Information

Workers Compensation

In order to provide fixed monetary awards to employees who are injured on the job, Workers compensation laws were created. These laws eliminate the need for litigation, creating an easier process for the injured employee. It also helps control the financial risks for employers since New York limits the amount an injured employee can recover from an employer.

Workers Compensation Insurance is designed to help companies pay these benefits. As a protection for employees, New York requires employers carry some form of Workers Compensation Insurance.

It's important all business owners know Workers Compensation Insurance is NOT health insurance. It's designed specifically for injuries suffered on the job. 

As a New York business owner, you MUST have Workers Compensation Insurance?

Legally, employers have a responsibility to all of their employees to make the workplace safe. However, accidents happen regardless of safety measures being put in place. 

Employers need protection from lawsuits resulting from workplace accidents. Business owners also need to protect themselves from the expenses of providing medical care and compensation for lost income to employees hurt in workplace accidents. Workers compensation insurance covers workers injured on the job, whether they're hurt on the workplace premises or elsewhere. It also covers workers involved in auto accidents while on business. Another big coverage: work-related illnesses.

Workers compensation provides payments to injured workers, regardless of whose fault the accident was, for time lost from work as well as medical and rehabilitation services. It also provides death benefits to surviving spouses and dependents. 

Workers compensation insurance must be bought as a separate policy. Although in-home business and business owners policies (BOPs) are sold as package policies, business policies do NOT include coverage for workers' injuries.

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