What is New York State Workers Compensation Insurance?

new york state workers compensation insuranceNew York State workers compensation insurance came about in 1914 as a result of legislation passed by the New York State Legislature.

Today NY business owners understand that workers compensation insurance is just part of doing business when you have employees.

When you have employees (and in some cases independent contractors are considered employees for workers comp purposes) New York State workers compensation insurance is required by law.

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The employer is required to pay for the workers compensation insurance and employees cannot, by New York State law, be required to contribute to the cost of the insurance policy.

Most NY insurance carriers offer workers compensation insurance for most industries.  However, certain high-risk industries are serviced only by the New York State Insurance Fund or NYSIF.

If you have any doubt as whether or not you should have a workmans comp insurance policy give us a call at (518) 456-6688 and one of our NY business insurance specialists will be happy to help you make that determination based on your unique situation.

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{This video is part of series on New York State Insurance Questions.  Every week new videos are added addressing the insurance questions of NY business owners in an easy to digest manner.  You can subscribe to these videos here}