When the working days become long and the work performed becomes extreme and strenuous, the chance for a slip or accident increases. You should always be there for your employees, but especially when they are ill or injured and cannot do their daily assigned work.
To gain the trust and commitment of your employees, make sure you offer workers' compensation when it's needed. Doing so will give them and their families peace of mind in the aftereffects of a workplace injury. Workers’ compensation insurance helps you attract top talent, retain your workers and honor your best asset — your team. In addition, a workers compensation’ policy offers coverage that ensures workers don’t have to take legal action to pay for medical costs and lost pay.
Find out all the details of this insurance policy and how Kokkoris Insurance Services will make sure you get the best protection — for you and your team.
What Is Workers' Compensation?
Workers' compensation insurance is a required insurance policy that protects businesses from the costly fees arising out of workplace injuries. With this insurance plan, an employee's medical expenses and potential rehabilitation services are paid for. In addition, the wages and paychecks they're missing while out of work will be given to them at a portion of their salary — in most places, this amount is based on two thirds the amount of their normal salary.
All of this is paid for with the willing agreement that the employee cannot outright sue their employer.
What is the Difference Between Part A and Part B Workers’ Compensation Coverage in New York?
There may be two parts to a workers’ compensation policy. Part A meets the requirements of the state of New York for this type of insurance. Part B, also known as employers’ liability coverage, covers additional costs. It is a good idea to have Part B coverage. While workers’ compensation offers some protection from legal claims, if they do occur, not having Part B insurance can leave you with large costs.
Workers Compensation Insurance for Small Business in New York
For new and small business, workers’ compensation can be a challenge because of the cost. However, this coverage is mandated by New York law, and having an employee injured when you don’t have coverage can result in penalties as well as lawsuits. Even if you only have one employee, you may need workers’ compensation insurance in New York. In addition, if you have multiple locations or your employees work in other states, too, you need to confirm your team is covered out of state, too.
Some employers try to avoid paying workers’ compensation by hiring independent contractors or freelancers. Keep in mind workers’ rights protect employees from misclassification. If you hire independent contractors but treat them as employees, you may be in violation of the law because you may be misclassifying your workers.
If you're in doubt, contact Kokkoris Insurance Services for a free quote and consultation. Our team can review your needs and your budget and work to find coverage that helps you stay compliant and protected while also meeting your financial goals.
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Who Gets Covered, and What Are the Benefits of Workers Compensation Insurance?
Determining who gets covered by workers' compensation insurance and if your business needs to own the coverage are crucial elements to New York regulations. Business owners are required to give their employees this kind of coverage if the employees are:
- Domestic workers putting in 40+ hours of work a week
- Farm workers earning at least $1,200 a year
- Working with a for-profit business
The third point seems very broad and can be expanded to include all for-profit workers, no matter if they are full-time, part-time, borrowed partners or employees, family members or even volunteers. Non-profit employees are also most often included under workers' compensation insurance.
On the one hand, owning workers' compensation insurance for your employees will keep you compliant with legal requirements. Staff members are more likely to understand they're a valued member of your team when they know they're covered in this way. On the other, your business will also be covered and protected against employee lawsuits in the event of an illness or injury that occurred during the course of a worker's employment with your company.
How Much will Workers’ Compensation Cost My New York Business?
Employers are expected to carry the cost of any workers’ compensation policy or coverage they buy in New York for their employees. The cost of premiums will depend on many factors, including your industry, the size of your company, the number of workers, past claims and more.
Restaurant workers’ compensation rates in New York, for example, may be higher than rates for office workers because restaurant workers are more likely to suffer serious injuries, such as burns. This could mean restaurant owners may expect to pay more for premiums. You can keep costs down by comparing rates and seeking out good coverage. You can contact Kokkoris Insurance Services for a free quote and consultation. Our team can look at your needs and bring you quotes for insurance that protects you.
Where to Find Reliable, Affordable Workers Compensation Coverage
No matter what level of coverage you need, turning to our company now is the smartest move you can make. We'll help you find the best local quotes for the workers' compensation insurance policies and coverages so that you can have your requirements met while sticking to the best prices in the area. Each member of our team is highly passionate and dedicated to assisting businesses of all sizes in New York, including Queens, Brooklyn, Staten Island, the Bronx and Manhatten.
Reach out to us today by phone or email so that we can get you started!