What is Workers' Compensation?

January 28, 2020
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What exactly is Workers’ Compensation?

Well, it’s a type of insurance that employers purchase to protect themselves and their employees from financial loss in case of a workplace injury or illness.

For instance, say one of your kitchen employees is taking out the garbage, slips on ice and unfortunately breaks his leg. Thankfully, you have workers’ comp insurance so all of his medical expenses and lost time wages will be covered by the insurance, not a penny comes out of your pocket or the injured employees.

Now, Workers’ Comp also protects the employee from termination due to the claim and protects the employers from any future lawsuits from the employee.

Now even though Workers’ Comp isn’t federally mandated, most states require it by law. States like New York run programs called Safety Groups that reward safety-conscious businesses by offering Group Discounts and Dividends.

To learn more about New York State Workers’ Compensation Safety Groups click http://www.friedlandergroup.com/mobil….

Thanks for listening and please feel free to send in any questions or topics you would like covered in the next video to mariannad@friedlandergroup.com.