If you are a business owner who manages employees, you know that accidents are bound to happen. No matter how careful you are and how great your employees are, you never know what could happen in the future. Should you find yourself in a bad situation, worker’s compensation insurance is a necessity for protecting both your employees and yourself. If you’re looking for worker’s compensation insurance in Nassau County, NY, here is everything you need to know.
What is Worker’s Compensation Insurance?
Commonly referred to as “worker’s comp,” this insurance is purchased by the employer to cover any workplace-related injuries and illnesses. The insurance, depending on your state, can cover a wide range of injuries and illnesses, but there are some exceptions. If your employee was under the influence while injured, or if the injuries were self-inflicted, conflicted with a law or company policy or were not received on the job, your insurance will usually not cover them. Regardless of who was at fault for the injuries, worker’s compensation will cover the medical expenses of your employees.
Why Do You Need It?
1. It’s the Law
First and foremost, in most states, an employer is required to provide worker’s compensation to his or her employees. It’s important to check with your specific state’s guidelines to find out what kind of coverage you’re required to have and who is required to be covered. If you don’t purchase insurance and your state requires it, you may be faced with penalties.
2. Protect Your Business
Not only does worker’s compensation insurance protect your employees, but it helps to protect your business. By providing insurance, your employees receive limited rights on whether they can sue your company for any damages related to the injuries. It depends on your state laws, but usually an employee will only be able to sue if their injuries were caused by a direct recklessness by your business.
3. Save You Money
If you don’t have worker’s compensation insurance and one of your employees get injured, you may be stuck paying for it out of pocket. That means you would be personally responsible for paying for their medical bills and possibly even the wages they lost by being out of work. Insurance could save you thousands of dollars in the event of an accident.
Providing worker’s compensation insurance is part of being a responsible business owner. You want to ensure that both you and your employees are protected. You may not be able to prevent the accidents from happening, but you can prevent everyone from having to pay extreme amounts of money after the fact. If you’re looking for worker’s compensation insurance in Nassau County, NY, be sure to click here.
