Workers’ Compensation Insurance in New York
Coverage That Protects Employees & Employers
Workers Comp Insurance: What It Is & Why You Need It
Workers’ compensation insurance—often called workers’ comp—is a state-mandated program designed to protect both employees and employers when a work-related injury or illness occurs. It provides employees with access to medical care and financial support if they are injured or become ill in the course of their job.
For employers, workers’ compensation also plays an important role in managing risk. In exchange for receiving benefits, employees generally waive the right to sue their employer for damages related to the injury or illness. This system helps ensure workers are cared for while reducing the potential for costly legal disputes.
Workers’ compensation insurance typically provides coverage for:
- Medical benefits for treatment related to a work injury or illness
- Wage replacement benefits for lost income during recovery
- Disability benefits, both temporary and permanent
- Death benefits for dependents in the event of a fatal workplace incident
Most businesses with employees are legally required to carry workers’ compensation insurance. In New York State, employers must provide workers’ compensation coverage for most employees, regardless of business size, with limited exceptions.
Workers’ compensation insurance is essential for:
- Businesses with full-time or part-time employees
- Companies that employ seasonal or temporary workers
- Employers in higher-risk industries such as construction, manufacturing, and healthcare
Failure to carry required workers’ compensation insurance can result in significant fines, penalties, and legal consequences. Beyond compliance, workers’ compensation coverage helps promote a safer workplace and demonstrates a commitment to protecting employee health and well-being.
Additional Considerations
Beyond these coverages, there are additional, optional coverages to protect you in a variety of situations. For example:
| Coverage Type | Coverages Provided |
|---|---|
Employers’ Liability |
Protects the business from lawsuits filed by employees |
Voluntary Compensation |
Covers employees not required to be covered by workers compensation law, such as a volunteer |
Frequently Asked Questions About Workers Compensation insurance
If I get hurt but it is not on the job, can I still make a claim?
Workers’ Compensation only covers injuries or illnesses that occur as a result of work. If the injury is not work-related, it would not be covered. Contact us to discuss other options for personal coverage.
Does the business owner have to be included on the workers comp policy for coverage?
In most cases, business owners can choose whether to be covered. Coverage requirements vary, so it’s important to review your situation. Contact us to make sure your policy meets your needs.
Will my insurance premiums go up if an employee files a claim?
Not necessarily. While a history of frequent or severe claims can impact your “Experience Modifier” (and therefore your premium), a single minor claim may have little to no effect.
Our goal is to help you implement safety programs to minimize risks. Contact us to see how you can keep costs down.
What to Expect When You Contact Us for a Workers Comp Quote
When you contact The Ferris Agency, we’ll review your business operations, employee roles, and payroll details. Our team will help ensure correct classification, explain coverage requirements, and guide you through available options to secure compliant and cost-effective coverage.
Request your Ferris Workmans Comp Insurance Quote Today