There are so many costs associated with establishing a new business that to some New York business owners, the worker’s compensation insurance mandate is too much. Like them, you understand the benefits of other kinds of business insurance in New York, but what do you need to protect yourself against in an office?
Injuries Can Happen Anywhere
Quite a lot, actually. You don’t have to work construction to get injured on the job. A book falls off a shelf and hits your assistant on the head; an employee slips on a rain puddle coming into the lobby; your analyst develops carpal tunnel syndrome: these are all work-related injuries that could easily happen in your office. In fact, repetitive stress injuries (like carpal tunnel syndrome) and fall-related injuries are two of the most commonly cited injuries on worker’s comp claims.
Injuries Leave You Open to Liability
The danger is that if someone gets hurt while working for you and you don’t have worker’s compensation insurance, you are open to enormous financial liability. You may be responsible for the employee’s lost wages and any related medical treatment, among other possible obligations, and a hefty fine. The financial burden incurred could bankrupt your business.
Insurance is never a fun part of starting a business, but be sure you get the insurance you need. If your employees are working in New York, don’t operate without business insurance in New York.