Get Workers Compensation Insurance or Face Stiff Financial Penalties
If you own a business right now, you know that the economy has made things difficult for all of us lately. Things are tight, so you’ve cut down on certain costs. For example, maybe you’ve lowered your workers’ compensation insurance to the lowest levels you can find…or maybe you are just starting out and you’ve avoided getting workers’ compensation insurance altogether… But one day an employee is injured on the job. Now what?
Well, if you are incorporated and are the president, secretary or treasurer of your company, you are personally liable for medical care and compensation payments for that worker plus all penalties. In addition, if the employee sues you, you will be deprived of any common-law defense.
If you are a private or public employer in New York State, you better make sure you have adequate workers compensation insurance. If you don’t, not only could you be liable for the high cost of compensating an injured employee, but here’s what else could happen (from the New York State Insurance Fund website):
- Escalating fines starting at $500 for the first offense going up to $7,500 for subsequent violations within five years.
- An assessment of $250 for each claim incurred while uninsured, plus 15% of the amount awarded up to a maximum of $5,000, plus the actual compensation and medical costs.
- Any penalties the Workers’ Compensation Board assesses for non-compliance.
- An additional fine of $250 for each 10-day period of noncompliance or two percent of the employer’s payroll during the period of noncompliance can be levied.
In the face of these measures if you don’t buy workers comp in NY, you will want to purchase it from the workers compensation experts in New York at the Putnam Record Insurance Agency. Why? Because the rates for workers comp are set by the state of NY. The insurance companies can then increase or decrease them depending on the class of business. At Putnam, we represent several companies which means, not only do we understand the ins and outs of workers compensation, but we can get you the best rate in New York!
The Putnam Record Insurance Agency – New York Workers Comp
We provide New York workers compensation insurance protection to businesses throughout New York State.
Please complete the Protection Savings Form on this page today! We will provide a FREE, no-risk review of your situation and will match you with the best protection rates for your enterprise.