Employers in NYS Are Required to Carry Workers’ Comp Insurance
Workers’ Compensation Insurance, or Workers Comp, provides cash benefits and/or medical care for workers who become injured or ill as a direct result of their job. It covers medical bills, a portion of lost wages, and funeral expenses in the event of a work-related death.
What is Workers’ Compensation?
Workers’ Compensation Insurance is designed to protect both the employees and the business. All for-profit businesses in NYS who have employees, or workers the Workers’ Compensation Board considers to be employees, are required to have Workers' Comp insurance. You may need insurance even for independent contractors or those receiving 1099s.
You may not need Workers’ Compensation Insurance if you do not have any employees, and are sole proprietors, or individuals in partnership, LLCs, or a one- or two-person corporation. A licensed agent can help you determine how much coverage you need based on your business.
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Insurance products offered through InsureOne Insurance Services America, LLC and its affiliated companies identified on https://www.insureone.com/affiliate-disclosure/. Insurance products: 1) are not NCUSIF insured; 2) are not obligations of or guaranteed by the Credit Union or any affiliated entities; 3) involve investment risk, including possible loss of value. Insurance products not available in all states. Actual policy premium may vary based on driving records, garaging address, vehicle type, insurance coverage selected, and other underwriting factors. Other rates, service fees, restrictions, and charges may apply.