What Is Workers Compensation?at10211
As the owner of a new micro business, you may not be familiar with some of the complexities of workers compensation insurance, which is a mandatory requirement for all New York State businesses that employ one or more workers. Workers compensation insurance is a no-fault program for work-related injury, providing workers with financial protection, and employers with some protection from legal proceedings initiated by workers.
It’s also important to remember that workers compensation covers more than injuries resulting from accidents. It can provide compensation for illnesses and disorders that may develop over time, such as back problems, repetitive strain injuries, and stress-related conditions that might develop as a result of work activity.
Workers compensation benefits are determined by a state formula, and may include payment of medical expenses, time off, and replacement of lost wages. Hiring the first employee is a milestone in the history of your micro business, and is likely to mean a significant investment in equipment for your new recruit, as well as ongoing costs for wages and insurance.
Workers compensation insurance premiums are partially influenced by the workers compensation claims history of a business, so it makes sense to keep future costs down by eliminating any hazards in your workplace that could cause an injury. Call us if you’d like to discuss your options for workers compensation insurance for your small business.