What key things do you need to know about workers' compensation insurance?
If you're a business owner, you understand that workers' compensation insurance coverage is essential. What you might not know, is that it's changing all the time. Because workers' compensation can be complex, and always changing, here are some key things you need to know about your workers' compensation coverage:
1) It's mandated by New York State
NYS requires businesses to carry workers' compensation insurance. Even if you may only have a part-time employee on your staff, you're required to have worker's compensation insurance. If you don't, you're spelling real trouble for you and your business. The sole proprietor, partners or the president, secretary and treasurer of a corporation are personally liable for a business' failure to secure workers' compensation insurance.
2) There are definite ways to save money on your workers' comp insurance
As a business owner it's important you know that different jobs carry different insurance prices. Riskier jobs, those in construction for example, require a different classification and a different price. The riskier the job, the higher the insurance costs. Here at CH Insurance, I'll review your workers' compensation and all your classification codes to ensure you're not paying more than you need to. This can be an incredibly helpful step in saving you money on your workers' compensation insurance premiums.
3) Workers' Comp can help you avoid lawsuits
No one wants to end up in a courtroom. There was a time way back when, the only way an employee could get worker's compensation benefits was to sue the employer. Times have changed. Now injured employees can receive compensation so long as they waive their right to sue their employers. If an employee wants to sue, they actually have to now forgo their workers' compensation benefits altogether.
Do you have more questions regarding workers' comp for your business? We can save you a lot of time, headaches, and money by ensuring you have the right policy in place, right now. It's always good to stay in touch throughout the year to review your policy because the workers' compensation laws change all the time. You can reach me at the CH Insurance Syracuse offices at 315-234-7500. We insure businesses for workers' compensation across all of Upstate New York.
Tony D'Amato has over two decades of experience specifically
with workers' compensation insurance. Workers' comp can be complex.