Workers Compensation Insurance NYC is a kind of insurance that covers employers’ expenses for damages caused by illness or injuries of employees received while conducting work. It involves all typical injuries, namely lowering or loss of hearing as a result of working at noise places, fall, fractures, and loss of sight, ect.
What is a procedure of applying Workers Compensation Insurance NYC?
Actually, the insurance of employers has similar peculiarities as auto insurance. The employer pays costs to the owner of the car. If an employee gets injury, he signs up a claim which the employer has to send to the insurance company for consideration of the amount of reimbursement. As with the car accidents, when an employer asks for the reimbursement for injury, the employer’s costs regarding this insurance increase.
I am an employer. Do I need Workers Compensation Insurance NYC?
This insurance is not only recommended, but is also obligatory. In NYC every employer regardless the amount of employees, should have such kind of insurance. The absence of such insurance is a crime which punishment may reach more than & 10,000 or imprisonment up to one year. While in reality imprisonments for the absence of insurance is a rare case, fines are the common types of punishment.
The main advantage of the current insurance for employer is that this type of insurance protects both employer and his/her company from the lawsuits for injuries. The victim worker may ask reimbursement for the pain and suffering only with the help of insurance company and does not have a right to lawsuit the employer if he has insurance. It is clear that this protection is spread only on physical injuries at work and does not protect employers from lawsuits for other litigation abuses at the workplace, such sexual harassment, discrimination, ect.
What is the impact of Workers Compensation Insurance on employees’ rights?
The insurance Workers Compensation lightens the procedure of getting reimbursement for injuries because the reimbursements are paid regardless the fact who is guilty in making an injury. Consequently, in most of the cases the procedure of getting the reimbursement with the help of this insurance is quite easy and does not require administrative or juridical proceeding.
On the other hand, the reimbursement in accordance with the employer’s insurance, as a rule, is quite low than typical reimbursements for injuries taken as a result of the juridical process. Apart from the judge juries who sometimes adjudge huge sums for pain and suffering, apart from the reimbursements for medical expenses and the loss of salary as a result of the forced medical leave for recovering from injuries the insurance companies pay the reimbursement only for medical expenses and the lowering of efficiency including disablement of the victim worker and does not count the reimbursements for pain and suffering.
It should be mentioned that Workers Compensation Insurance NYC is very beneficial insurance for employers. The reason is that in case of the lawsuits the employers pay much more than the analogous reimbursements with help of the insurance company.