New York Workers Comp

Is Your Company Compliant With Insurance Requirements?

Employers are tasked with offering their employees a reasonable expectation of safety and security during business operations. There are times when accidents or incidents occur, creating a disruption in an employee’s ability to perform their job duties. They may also need immediate medical care or continuing care before returning to full activity.

Although some employers conscientiously choose to provide their employees benefits on such occasions, some states require proactive compensation. The New York Workers Comp requirements state that employers must obtain workers’ compensation coverage for all employees, including family members employed by the company or part-time workers and keep the coverage in effect for the duration of operations. Periodically, the Workers’ Compensation Board may audit a company and check for the following proof:

  • The company has a valid workers’ compensation insurance policy.
  • The company is self-insured for workers’ comp.
  • The company is legally exempt from having to obtain workers comp coverage.

The company is maintaining accurate and proper business records.

It can take some work to navigate the requirements of the law and the options that exist for workers compensation coverage. Your coverage needs to be affordable, but it needs to be effective and compliant with any regulations. It is recommended that you seek advice or a policy from a broker specializing in New York Workers Comp regulations.

Insurance Risk Advisors