Business owners in New York are required to provide workers' compensation, disability and paid family leave to their employees. Sometimes, the cost of those insurance benefits is much too high for the business to handle. This is where self-insuring your business might...
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Help For Self-insured Business Owners
Pros and cons of self-insuring your business
Self-insuring your business means taking on all the financial risks covered by insurance policies. Employers who choose to self-insure pay claims or damages out-of-pocket and do so to improve the operating profits of their business by reducing premium costs....
Will an outside insurance policy help pay for a worker’s injury?
Self-insurance for workers' compensation can be a cost-effective solution for New York employers. Provided that you have been in business for long enough and have adequate resources to qualify for self-insurance, you can avoid the recurring costs of a workers'...
Could denying benefits affect your self-insured status in New York?
As a company that employs workers, you have an obligation to your staff. You must compensate them for their labor. You additionally have an obligation to protect them from injury on the job. Part of that obligation involves investment in safety equipment and training...
A question of fraud in early workplace injuries
New York residents and business owners should be aware of this recent article that discusses a study focusing on workers injured early in their employment. Injured soon after they are hired, these employees are more likely to file multiple, repeat workers'...
The Coronavirus and Liability Concerns for Small Business Owners
New York faced numerous challenges during the initial COVID-19 outbreak. The state and all its localities continue to deal with issues related to the social and economic fallout. Small business owners, in particular, have many concerns about their tenuous fiscal...
Criteria for workers’ compensation self-insurance in New York
Workers' compensation is required for all employers in New York; however, not all companies choose to use the State Insurance Fund. Some will opt to pursue self-insurance instead. This is a viable option for many because it may be less costly, which is important since...
Should you self-insure your business? Consider these points
Insurance premiums for your business can be a crushing expense, which is why many smaller businesses decide to shoulder their own risk and self-insure. The cost and control that self-insurance offers can be attractive.But self-insurance isn't for every business. Any...
