If you are injured while working for a company in New York, that company is required to have workers’ compensation insurance. If they don’t, you may be able to file a claim with the New York State Workers’ Compensation Board.
Nys Company Had No Workers Comp Insurance At Time Of Injury
When an employee is injured on the job, they typically rely on workers’ compensation insurance to help cover their medical expenses and lost wages. However, if their employer does not have this insurance in place, the employee may be left footing the bill themselves.
This was the case for one New York worker who was injured while working for a company that did not have workers’ compensation insurance. The worker suffered a serious back injury after being struck by a piece of equipment. After incurring over $100,000 in medical bills, the worker filed a lawsuit against the company.
Fortunately, the worker was successful in securing a settlement from the company. However, not all workers are so lucky. If you are injured on the job and your employer does not have workers’ compensation insurance, you may want to consult with an experienced attorney to discuss your legal options.
The Different Types of Worker’s Compensation Insurance
When it comes to worker’s compensation insurance, there are a few different types that companies can choose from. The most common type is known as “statutory” insurance, which is the type of insurance required by most states. However, there are also other types of worker’s compensation insurance, such as “voluntary” and “self-insurance.”
Statutory Insurance: This is the most common type of worker’s compensation insurance and is required by most states. It provides coverage for employees who are injured on the job, regardless of who was at fault.
Voluntary Insurance: This type of worker’s compensation insurance is not required by any state, but some companies choose to purchase it anyway. It typically provides more comprehensive coverage than statutory insurance, but it can also be more expensive.
Self-Insurance: This is a riskier option for companies, as they are essentially responsible for paying out claims themselves. However, it can be a cheaper option for companies that are confident in their ability to manage risks effectively.
Pros and Cons of Worker’s Compensation Insurance
Worker’s compensation insurance is a type of insurance that provides benefits to employees who are injured or become ill as a result of their job. Benefits can include medical expenses, income replacement, and death benefits.
There are pros and cons to having worker’s compensation insurance. Some of the pros include:
• It provides financial security for employees who are injured on the job.
• It can help prevent lawsuits from employees who are injured on the job.
• It can help businesses attract and retain employees.
Some of the cons of worker’s compensation insurance include:
• It can be expensive for businesses to purchase.
• It may not cover all types of injuries or illnesses.
• It may not cover injuries or illnesses that occur outside of work.
How to Choose the Right Worker’s Compensation Insurance
If your business has employees, you need to have worker’s compensation insurance. This type of coverage provides financial protection if an employee is injured or becomes ill as a result of their job. Worker’s compensation insurance can help cover medical expenses, lost wages, and other costs associated with an injury or illness.
When choosing a worker’s compensation insurance policy, it’s important to consider the type of business you have and the risks associated with your work environment. You’ll also want to make sure that the policy you choose provides adequate coverage for your needs. Here are a few things to keep in mind as you shop for worker’s compensation insurance:
– The type of business you have: Different businesses have different risks when it comes to employee injuries. For example, businesses that involve manual labor or dangerous work environments are more likely to see employee injuries than those that don’t. When choosing a policy, be sure to consider the type of business you have and the risks associated with your work environment.
– The size of your business: The size of your business will also affect your workers’ compensation insurance needs. Small businesses typically have less exposure to risk than larger businesses, so they may be able to get by with a less comprehensive policy.
Conclusion
If you are a business owner in New York State, it is important to make sure that you have workers’ compensation insurance at the time of an injury. This is because if you do not, you may be held liable for the injured worker’s medical expenses and lost wages. Not only that, but you could also face hefty fines from the state. Luckily, there are many options for workers’ compensation insurance in New York State, so you should be able to find a policy that fits your needs and budget.
