Employers in New York State are required by law to carry workers compensation insurance for all their workers. Although there are a few exceptions, this covers almost all businesses with one or more employees. Workers comp is designed to help both the employer and the employees. The business owner is given some legal protection and the employees are given financial protection in case of on-the-job injuries or work induced illnesses. Let's take a closer look at these different aspects of NY Work Comp Insurance.
NYS Workers compensation Insurance offers compensation to employees who suffer work related illness or injury in several ways. 100% of all their medical needs will be covered as well as a portion of their weekly salary. Benefits are also extended in case of long term injury or death.
 |
| Is Employers Workers Compensation Insurance Mandatory in New York? |
NYS Workers compensation Insurance law protects the business owner from civil lawsuits which may result from on the job injuries. This protection includes injuries, illnesses, and accidental death which may occur from workplace conditions.
Employers face stiff fines if they do not innate and maintain coverage for their entire workforce. The business will no longer be protected against civil lawsuits as well as multiple penalties assessed against each worker who is not covered. Fines for the first offense begin at $500 and increase for any other violations. Individuals in corporations can also be held legally responsible for medical costs and compensations as well as legal fines and penalties. There's no way around it. Non-coverage can be extremely costly.
New York State businesses can acquire coverage in three ways.
NYSIF (New York State Insurance Fund) is available to all companies in NY and is the largest carrier of worker's compensation insurance in the state. It is obligated to extend coverage to all employers and accept all risks. It is often the most expensive choice, but for new companies or companies with histories of accidents and injuries, it may be the only choice.
Both publicly traded and mutual insurance companies also offer workers compensation coverage. Seeking coverage from these companies can often result in significant savings.
Employers face stiff fines if they do not innate and maintain coverage for their entire workforce. The business will no longer be protected against civil lawsuits as well as multiple penalties assessed against each worker who is not covered. Fines for the first offense begin at $500 and increase for any other violations. Individuals in corporations can also be held legally responsible for medical costs and compensations as well as legal fines and penalties. There's no way around it. Non-coverage can be extremely costly.
New York State businesses can acquire coverage in three ways.
NYSIF (New York State Insurance Fund) is available to all companies in NY and is the largest carrier of worker's compensation insurance in the state. It is obligated to extend coverage to all employers and accept all risks. It is often the most expensive choice, but for new companies or companies with histories of accidents and injuries, it may be the only choice.
Both publicly traded and mutual insurance companies also offer workers compensation coverage. Seeking coverage from these companies can often result in significant savings.
 |
| Is Employers Workers Compensation Insurance Mandatory in New York? |
Businesses in New York are given the third option of being self-insured or a member of a self-insured group. Companies that choose this option must pay close attention to laws governing coverage. They must also document and maintain strict financial standards.
NY Regulations, coding systems, and insurance choices can be confusing. There are experts that help companies stay in compliance and find the best and most affordable coverage available.
NY Regulations, coding systems, and insurance choices can be confusing. There are experts that help companies stay in compliance and find the best and most affordable coverage available.
No comments:
Post a Comment