Worker compensation

Workers’ compensation insurance is a necessary business expense. Not only is it mandatory in many states, once it is in place, it will also protect your business from financial loss if an accident does occur. In addition to providing employees with workers’ compensation insurance, it’s up to you to make sure they have a work environment that is safe and free from hazards. Taking the necessary precautions is the best way to ensure your workers remain safe on the job.

Is Workers’ Compensation Insurance Mandatory?

Most states require that businesses carry workers’ compensation insurance for their employees. There is an exemption that would exclude businesses from purchasing workers’ compensation insurance, but they would still need to self-insure their employees through a different type of policy. In most cases, it is better to purchase the workers’ compensation policy simply because it is specifically designed to cover work-related injuries that may impact your employees’ future.

Where Do I Get Workers’ Compensation Insurance?

Most insurance companies and brokers offer workers’ compensation insurance. These policies can be found online through larger companies, or you can choose to buy from a local agent who is familiar with your area and can be hands-on in determining the type and amount of insurance for your business. You may be able to get the workers’ compensation coverage you need from a state-funded program. Because the insurance is mandatory, many states offer assistance in helping companies make sure they remain in compliance.

How Much Workers’ Compensation Insurance Does My Business Need?

While some states don’t require workers’ compensation for companies that have fewer than five employees, it’s still a good idea to provide some type of insurance coverage. The amount of workers’ compensation you need will depend on how many employees you have and the type of work they do. The nature of your business will determine how much your premiums will cost you each month. In most cases, the more employees you have, the more cost-effective your policies will be. Understanding how the cost is determined will give you an idea of how much you will have to pay for each employee.

Finding the Right Insurance Agent

The key to buying the right workers’ compensation policy is to find the right insurance agent or broker. The appropriate agent will listen to your concerns and answer any questions you may have. They will be able to guide you through the process, so you can understand your premium costs and how the claims process works once an injury has occurred. Your insurance agent will be the person you go to when you need proper compliance with state guidelines involving workers’ compensation coverage.

As a business owner, it’s up to you to be compliant with state guidelines. Securing the right workers’ compensation doesn’t have to be difficult. The right agents are here to help you. For the right workers’ compensation insurance policy, contact our expert team at Abatelli Group, Inc. today. We serve Whitestone, Flushing, Bayside, Little Neck, and surrounding cities of New York with reliable coverage. We are ready to assist you with all of your insurance needs.