The Importance Of Reviewing Your Workers Compensation Insurance In NY
Businesses that operate in New York and most states are required to carry workers compensation insurance. This insurance is designed to provide certain benefits to an employee if they are injured on the job, and at the same time the employee must relinquish any rights to sue the company for negligence. It is important as a company that your workers compensation NY policy is reviewed on a regular basis so that the costs can be controlled.
Review of Business Operations
When you first arrange for workers compensation NY coverage, the insurance company may come out to your business to determine the type of operations that are being performed. Obviously, different industries will have different types of tasks that employees must perform, and each has their own level of risk. For instance, a construction company employee will generally be performing more dangerous tasks than an office employee. By following safety standards and constantly reviewing your business practices to see where improvements can be made, you may be able to reduce your workers compensation insurance costs.
What Kinds of Things Does Workers Compensation Pay for?
There are a number of plans that may differ from state to state, but many workers compensation plans provide the following:
- Medical payments or reimbursement of medical and similar expenses
- Payments in lieu of wages
- Benefits payable to dependents when an employee is killed while on the job
It is important to discuss the details of the plans that are available to you with a qualified insurance agent so you are sure to get the best plan for the best price.