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Do all businesses need to have workers’ compensation insurance in New York?

Hiring your first employee is a wonderful feeling, especially because it means your business is becoming successful. You may already have an employee handbook and other arrangements made.

If you are about to hire, it’s important to make sure you have the right workers’ compensation coverage and know what to expect while working with a new person. It’s key to know the state laws, so you don’t accidentally find yourself facing fines and penalties.

In New York, all businesses with employees, even when those employees are only working part time, must carry workers’ compensation coverage. This is different from some other states, so business owners may not always be familiar with this requirement.

Why do employers need to carry workers’ compensation insurance?

They need to cover workers’ compensation insurance because of the risk of injuries to their employees. If an employee is hurt and the employer is self-insured, then the employer will have to cover all of the employee’s medical care and other losses. It’s much better to have workers’ compensation insurance, which helps take some of that burden off the employer.

How can employers get workers’ compensation in New York?

Employers can get workers’ compensation by contacting the New York State Workers’ Compensation Board. The NYSWCB will talk to you about the specific requirements by industry and based on the size of your business, so that it is easier for you to get the right amount of coverage. Having plenty of coverage is a good idea in case of serious injuries on the job.

What else should you know before you hire your first employee?

You should know that accidents can happen, even though your employee may do their best to stay safe. If you are planning on hiring someone, workers’ compensation can be the key to having the coverage that is needed if they get hurt on the job. If you’re not interested in having workers’ compensation, self-insurance might be an option for you, but it would be worth discussing with your attorney. Normally, workers’ compensation is required and is the best way to protect your business against claims for injuries that occurred on the job.