Business Owners: Answers To Your Workers Compensation Questions

A quick and easy guide to workers’ compensation for business owners.  

Under New York state law, employers are required to get and continuously keep workers’ compensation coverage in effect for all of their employees. You know you need this type of policy, but do you know exactly what it offers to your business? So you can be apprised of the coverage you’re required to carry, here are answers to questions business owners commonly have about workers’ compensation.

  • What is it? Before workers’ comp was a common insurance product, injured employees had to sue their employers and show negligence in order to recoup their medical expenses and lost wages. To eliminate these lawsuits and ensure employees get the care they need, workers’ compensation was created.
  • What does it cover? If your employee gets injured or becomes ill in the course of work, your workers’ comp coverage will pay for his or her medical expenses and offer reimbursement for the wages lost while that individual can’t work. It can also cover rehabilitation. In addition to what it offers your employee, it also prevents the possibility of a lawsuit for these benefits, helping your business avoid expensive legal fees.
  • What does it cost? Like all types of business insurance, the cost of your workers’ compensation coverage will depend on your business’s unique exposure to risks. For example, because a roofing business will have a higher risk for injury than an accounting firm, their coverage will likely cost more. Fortunately, even if your risk is high you can still save money on your premiums by implementing a thorough workplace safety protocol and return-to-work and substance-free workplace programs.

If you would like more information about Hudson, NY workers’ compensation, contact Lofgren Agency. Serving Chatham, Hudson, and all of New York, we’re here to help business owners get the business insurance they need paired with complete understanding of their coverage.

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