BusinessHow Does Workmans Comp Insurance In New York Work?

How Does Workmans Comp Insurance In New York Work?

Workman’s comp insurance is a special type of insurance required by law in most states which helps protect both employers as well as employees who are injured on the job. Workplace injuries can be devastating for all parties involved. Before workman’s comp laws were enacted, the only recourse an injured employee had was to sue their employer for damages which often meant forfeiting their job.

Today most employers are required to carry workmans comp insurance in New York; it is not optional. They are required to post their workman’s comp insurance coverage in a conspicuous place along with their insurer’s name, contact information, and policy number. While various types of workman’s comp policies may offer different coverage options depending on the industry, coverage is still necessary for almost everyone.

Here’s what you need to know about workmans comp insurance in New York.

Who is required to get coverage?

Nearly every employer with employees in the state of New York must carry workman’s comp coverage under the law. The only exceptions to this rule are sole proprietorships and partnerships where there are no employees. Part-time, temporary, and even seasonal employees must be provided workman’s comp insurance under the law. For the purposes of workman’s comp, even day laborers and subcontractors must be provided this insurance. It is the employer’s responsibility to purchase workman’s comp coverage.

What does workman’s comp cover?

Workman’s comp insurance covers necessary medical treatment associated with an injury that occurs on the job in the state of New York. Medical treatment may include tests, necessary care, therapy, and prescriptions. Even the cost of mileage to and from the doctor’s office and the pharmacy may be covered by workman’s comp insurance. The goal is to help the injured worker heal as quickly as possible so they may return to work.

Employees who are unable to return to work within 7 days may be reimbursed for a portion of their lost wages while they are healing. Employees who suffer a temporary or permanent disability may be entitled to a lump sum benefit as dictated by the severity of their injuries. Unfortunate accidents resulting in fatalities may also pay out a tragic death benefit to the employee’s immediate family or surviving spouse.

How does it work?

When an employee is injured on the job, they should seek immediate medical care for their injuries and notify their employer in writing within 30 days of the injury. They must also notify the state Workers Compensation Board within 2 years of their on-the-job illness or injury.

The employer must notify their workman’s comp insurance carrier within 10 days of being notified or when the employee has missed 1 day of work due to their injury. Within 14 days, the insurer provides the injured employee with a Statement of Rights Form along with any network requirements for testing and pharmacy procedures. The insurance carrier will typically begin paying the claim or dispute the claim within 18 days of the claim being reported to them.

Get a Quote Today

If you are a business owner who needs workmans comp insurance in New York, get your free quote today. Workman’s comp protects employers from frivolous lawsuits that could financially devastate the business, and it helps ensure that legitimately injured workers get immediate medical care appropriate for their injuries. The frequency of on-the-job injuries has been reduced over the years, but they still happen too often. workmans comp insurance in New York helps ensure injured workers get adequate medical care while encouraging employers to provide a safe working environment for employees. If you need workman’s comp insurance, get your free quote today.