How employees can ensure they will be covered by New York workers’ compensation insurance?
While New York workers’ compensation insurance is important to many businesses and their employees, the insurance policy may be changing slightly because of the economy, according to a recent study conducted by Conning Research & Consulting. The study looked at how companies, healthcare providers, and government agencies are working together to change workers’ compensation due to rising costs and the impact of the recession. Nearly all businesses across New York must have workers’ compensation insurance, so employees who are hurt on the job won’t be responsible for medical costs, according to Monster.com. However, employees should know their rights and put in the effort to receive the financial support they deserve for certain injuries. “Just because an injury happens at your job doesn’t mean you’re automatically entitled to benefits,” Rebecca Shafer, an insurance professional, told the website.
To make sure employees receive proper workers’ compensation insurance, they should be sure to report every injury or illness, visit the appropriate medical provider, make sure medical staff knows the injury occurred while working, have detailed medical records about the injury, and remind employers that try to cheat out of workers compensation claims will often get caught, said the website.
One thing that keeps New York small business owners up at night is the threat of lawsuits from their employees. No matter how friendly of an environment your workplace is if an employee slips and falls while at work, gets hurt lifting some computers, or gets in an accident while on the clock, they could make a worker’s compensation claim against your business. Despite its many variations, workers compensation insurance generally will cover the following:
Lost wages
If an employee is injured on the job, then he or she will likely be out of work for some time. During this period, employees will be compensated for the wages they have lost. The rate of pay is based on several factors, including state guidelines, job type, and earnings.
Medical expenses
Hospital visits, surgeries, and treatments are also covered under compensation insurance. Typically, an injured worker is taken directly to the hospital for medical care to determine the exact damage. The associated insurance company that a business works with will have to pay the costs of all these expenses.
Rehab
In some cases, extensive rehabilitation and retraining is necessary before an employee can come back to work. Physical therapy or in-house training can help guide an injured worker back to his or her normal working hours. Also, expenses related to safety courses may be covered, as well.
Funeral expenses
In the event an employee should lose his or her life as a result of an on-site injury, then compensation insurance will cover the costs associated with the funeral. This takes the financial pressure off of the family of the victim.
Keeping business insurance up to date is important to the financial security of both the business owner and the employees. Additionally, some jobs are inherently more dangerous than others, which can increase the likelihood of an on-the-job injury. If a business is in a riskier industry, such as transportation or construction, then a comprehensive workers’ compensation plan is usually expected. In the case of compensation, insurance companies usually don’t have limits either, unlike general liability or umbrella insurance policies.
Insuring your business can be a tricky practice because of all the details involved. Entrepreneurs typically focus much of their startup time on turning their ideas into reality, not on insurance. That’s why small-business owners need to be aware of the basics of business insurance, including workers’ compensation insurance.
Because much of the insurance industry is regulated at the state level, laws vary depending on your location. The majority of states require compensation insurance, while a few states have separate systems set up that rely on fees and penalties, according to the National Federation of Independent Business.
In the state of New York, almost all employers must provide workers’ compensation coverage for their employees. To be eligible for New York workers’ insurance compensation benefits, an employee must be unable to work for more than seven days due to an injury.
If an employee sustains an injury or develops an occupational illness while on the job, they should take the following steps:
1. Report the injury or illness to their employer.
2. Seek medical treatment for their condition.
3. Have their employer file a claim with the insurance company.
4. Complete and submit the necessary claim form (C-3) to the Workers’ Compensation Board.
Once the claim is approved, the employee will receive the benefits entitled to them under workers’ compensation. It is important to note that workers must be gainfully employed and working for a business in order to qualify for these benefits. Independent contractors are not eligible.
Various situations may qualify an employee for workers’ compensation coverage, such as getting injured in a fall, being burned by a chemical, or sustaining injuries in a car accident while making deliveries.
Employees must keep copies of their medical reports and bills. Medical reports from an emergency room visit can serve as evidence to support an injured worker’s account of an accident.
Small Business Owners and Workers Compensation Insurance – A Match Made in Heaven
In doing so, you could be held liable for hospital bills and salary compensation for their missed time. Nobody wants to have to pay those expenses out of pocket, so New York workers’ compensation insurance becomes even more crucial. If you are worried about paying high premiums on your New York workers comp policies, consider taking a look at your internal safety measures. Do you have proper warning signs in place around machinery and equipment that could be hazardous? Are employees required to take regular breaks so that they are not working while fatigued?