Workers Compensation Insurance
Koba Capital
Workers Compensation Insurance
In New York, small businesses are legally required to have workers’ compensation insurance. There are strict regulations in place for what’s permitted and what’s not.
Whether the business is in real estate, tourism, food, or transportation, it’s essential for it to have a well-rounded insurance policy.
At Koba Capital, our goal is to offer state-of-the-art workers’ compensation insurance designed to meet your needs as a business. With years of experience, professionalism, and a commitment to excellence, this is the ultimate insurance provider for businesses in New York.
What Is Workers Compensation Insurance?
Workers’ compensation insurance is a safety net for businesses. It offers all-encompassing protection against any claims made by employees after a workplace accident.
Businesses in New York are expected to offer sensible care to all of its employees by maintaining a high standard of safety and alertness. This includes maintaining equipment, setting warning signs, and upholding safety standards.
This type of insurance offers protective cover against claims made by employees. If an accident takes place, workers’ compensation insurance pays up.
Who Is Covered?
New York has specific criteria in place to assess eligibility for workers’ compensation.
This can include employers offering for-profit services. All part-time employees, leased employees, borrowed employees, and volunteers are to be protected by the workers’ compensation law.
Employees representing local counties and municipalities are also covered if they are engaging in work that is deemed to be dangerous.
It’s also common for employees of the State of New York, domestic workers working full-time hours, and farm workers to be covered by local workers’ compensation laws.
This is why it’s essential to reach out to a trusted insurance provider such as Koba Capital for more information. Finding the right workers’ compensation insurance policy is imperative and it starts here.
What is Covered?
Employees can sustain a wide array of injuries when working for an local business. This can be an on-site or off-site depending on the work being done for the employer.
Coverage will vary and is going to be determined based on what took place. This is why employers take the time to invest in comprehensive workers’ compensation insurance to make sure they are covered when it comes to these particular liabilities.
Medical Expenses
Medical expenses can include all relevant costs associated with treating a workplace injury. This involves surgical procedures, hospital stays, medications, ambulance rides, and/or emergency room visits.
These expenses are cited as medical bills that need to be accounted for. In the state of New York, these are filed through a workers’ compensation claim. By having world-class workers’ compensation insurance, these costs are managed by Koba Capital.
Loss of Income
Most employees will not be able to return to work immediately. There can be a prolonged phase where the individual is recuperating and going through a list of treatments in New York.
This can cause employees to end up missing weeks or months depending on the severity of their workplace injury.
Workers’ compensation insurance can help pay for all wage-related expenses associated with a workplace injury. This is essential when it comes to protecting the business and its assets.
Protect against accidents with Workers Comp
Lawsuits
When a workplace accident occurs, it’s common for lawsuits to be drawn up in the state of New York.
There are protective regulations in place to keep employees safe. These regulations can lead to lawsuits a business has to face in the court of law.
To help with the relevant costs associated with these lawsuits, it’s important to have workers’ compensation insurance as a small business. It ensures the employer can protect itself in court without going bankrupt.
Workers’ compensation insurance provides coverage for settlements, attorney fees, and/or court costs.
Injuries can involve work-related tasks, workplace violence, natural disaster, and/or terrorism are also covered.
Depending on the agreement that has been signed, the agreement is also going to cover a wide array of occupational diseases and/or illnesses that happen due to employment. A good example of this would be exposure to toxic chemicals that led to illness.
Workers’ compensation can lead to significant costs for small businesses in New York and it’s essential to create a safety net. With the help of Koba Capital, it’s possible to build the right insurance policy and ensure it is fine-tuned to meet your requirements.
Fatal Injuries
If a workplace injury leads to death, workers’ compensation laws in New York include death benefits to assist with funeral costs and general support for the deceased’s family.
This compensation can be covered by a workers’ insurance policy depending on the accident.
It’s best to consult with a reputable insurance provider to learn more about how this type of coverage works and why it’s valuable.
For more information on workers’ compensation insurance and how it works, feel free to call in right now.
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