As a New York business owner, your employees are one of your most valuable assets. If one of them is injured and cannot work, it can disrupt your entire organization. If the injury is workplace-related, you may also be liable for their medical costs. With workers compensation insurance, workplace injury expenses can be covered to help your employee and your business recover.
Workers compensation insurance has a long history in the United States. Developed in 1949, it exists to create a no-fault situation for accidental workplace injury and illness, helping to pay medical costs and salary to injured workers, while removing the company’s liability. Many states, including New York, require businesses to purchase this important protection.
Businesses in NY that have employees are required to have workers compensation coverage. The only businesses that are exempt fall into a few categories:
For the purpose of workers compensation coverage, an employee needs coverage whether they are full-time, part time, borrowed, or volunteers. Subcontractors must also have coverage.
NY businesses are also required to post notice of their coverage in a conspicuous place for all employees. It must include the name and contact information for the insurance carrier.