What is a Workers’ Compensation Insurance Policy?

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In the nature of Workers’ Compensation Insurance, most people and their employees don’t fully understand the document they are signing even after reading the policy. Workers’ compensation insurance is a type of insurance policy that is required by companies and businesses to protect their employees from a work-related injury or a work-related illness.

In certain instances, the employer will provide compensation to cover certain costs, that is, if they have workers’ compensation insurance.

There are certain types of workers’ compensation benefits:

  • Payment for lost wages
  • Disability payments
  • Temporary partial disability payments
  • Temporary total disability payments
  • Permanent total disability payments
  • Permanent partial disability payments

Workers’ compensation lawsuits are cases that are very common. However, they are the type of case that employers and employees like to steer clear of. Employers tend to be readily prepared for a workers’ compensation lawsuit that they may find themselves apart of.

Are employers required to carry workers’ compensation insurance?

When it comes to workers’ compensation insurance, the requirements vary from state to state. In New York state, all businesses are required to have worker’s compensation coverage for all employees. This rule includes insurance coverage for both part-time employees and family members employed by the company. The employers themselves must hold some form of workers’ compensation policy. This policy can come from a private insurance carrier, the New York State Insurance Fund, or self-insurance. Businesses must show proof of the insurance policy before they are able to receive business permits.

Does my employer pay for workers’ compensation insurance or do I?

The insurance for workers’ compensation is up to the responsibility of the employer to pay for. In addition, the Department of Labor explicitly states that an employer is prohibited from taking any payment from their employees to cover the cost of the insurance policy.

Understanding your employer’s workers’ compensation insurance policy

Policies for insurance vary depending on the provider, but for the most part, they are offered in general policies such as general liability insurance, professional liability insurance, and business owners policy.

When you become injured at work or become ill due to a work-related incident, the insurance provider of your employer, regardless of how you employer feels, is going to do everything in their power to make the payout as minimal as possible. If you sign any papers or agree to any terms, receiving any more compensation could be challenging.

Because of this concern, it is critical that you speak to a workers’ compensation attorney about your case before agreeing to any payout or compensation. Contact an attorney at Ramos & Ramos or fill out our Free Case Evaluation to speak with a workers’ compensation attorney about your specific case or to answer any questions you may have about workers’ compensation.

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