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New York Workers Comp -The Need for Workers Compensation Insurance

New York Workers Comp
New York Workers Comp

In business hubs like New York or Chicago, there are thousands of companies trying to turn a profit, and the pace of business can be hectic. That’s one reason accidents happen in the warehouse, on the stairwell, or at the factory. When that happens, New York workers comp claims have to be filed. These days, with tighter budgets, managers take a closer look at workers compensation costs. There are a few reasons companies look specifically at worker’s compensation:

  • Increasing insurance premiums
  • Rise in fraudulent claims
  • Stagnant payrolls.

What Workers Compensation Covers

New York workers comp insurance is not cheap, but it’s necessary to protect a company. Otherwise, the firm risks a lawsuit when an employee hurts herself on the job. Worker’s compensation covers a few financial bases, including the following:

  • Lost pay
  • Medical costs
  • Rehabilitation costs
  • Disability

Workers Compensation Package Choices

Getting the right policy packages that fit a company’s price range can be difficult. A good New York workers comp insurer will use a few different policy carriers to offer flexibility. Guaranteed cost packages have premiums with a correlation to the number of employees and the size of the payroll. Some companies opt for high deductible policies. They can lower the premium and give a better cash flow, while also giving some incentive to have loss control or safety training implemented. Such programs can help employees to avoid future injuries.