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Understanding the changes for self-insurance in New York

On Behalf of | Nov 17, 2020 | Uncategorized

Self-insured business owners have a lot of responsibilities when an employee makes a claim due to an injury suffered at work. It’s imperative that they understand these so they don’t face any legal issues. Because the laws change often, having someone to work with them on these matters can help to ensure that they stay abreast of these changes.

Not all businesses can self-insure instead of getting a workers’ compensation insurance policy. Those who do must put down a minimum of $1,508,000 as a security deposit. That figure is reevaluated annually, so this is likely to increase in the future.

We understand that taking the step to be self-insured is a big one for your company. We want you to understand exactly what you’re going to be responsible for and how you can protect yourself. We’re here to help you throughout this process.

Once you self-insure, you’re going to be the one who is responsible for handling all aspects of the claims when a worker suffers an injury. We’ll help you to learn how to go through the evaluation of the issue and ensure that you provide the benefits to the employees that they’re required to receive.

There are times when you may face legal actions from an employee who feels you didn’t handle their claim properly. We can help you to protect your interests when this happens. We’ll evaluate the options that you have so that you can determine what course of action is best for your company. If the case goes through the litigation process, we’ll be here to represent you.

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