As a small business owner, you probably have liability coverage for your company, but do you have workers compensation coverage? Protecting your employees from serious injury while they are on the job is just one of your administrative responsibilities. New York small business workers compensation provides that level of protection both you and your workers need. Here is more information about the importance of workers compensation for your business.
Follow the Law
New York requires business owners to provide workers compensation for their employees. If you dont, you could be charged with a felony as well as expensive penalties, depending on the number of people who work for you.
It Makes Business Sense
If you have workers compensation coverage, any medical expenses and lost wages should be covered through your policy. Your employees cannot sue your company if they are injured at work.
For All to See
You should post a notice concerning workers compensation coverage where your employees can see it. The information on your notice can explain how the coverage works and what to do in the event of an injury. Your insurance provider should provide you with a notice for this purpose.
New York small business workers compensation is important coverage for businesses of any size, including non-profit organizations that employ staff. If you have additional questions about workers compensation or any other coverage for your small business, talk to your insurance agent.