Category: Commercial Insurance

Employees who are injured in the workplace rely on workers’ compensation to recover medical bills and lost wages. Workers’ compensation is a no-fault system that doesn’t punish the employer or the employee and is there simply to ensure that individuals in the workforce get the care they need. 

If you have a small business in Brooklyn, NY, you are probably required to carry workers’ compensation insurance. Access Legacy Insurance Group can help you figure out if you are required to carry a policy and what your options are.

Which Brooklyn, NY Small Businesses Are Required To Carry Workers’ Compensation Insurance?

All New York profit and nonprofit companies must carry workers’ compensation insurance. This coverage is for everyone, including full-time employees, part-time employees, seasonal employees, and even unpaid interns. 

Even family members who are working for the company must have protection in case they are injured. 

Who Is Exempt?

There are some exceptions where your business may be excluded from needing to carry workers’ compensation insurance:

• A sole proprietor is not required by law to carry workers’ compensation insurance.
• A partnership may be excluded.
• A business owned by one or two people, with these individuals owning all stock and controlling interests, may be excluded.

There are also some specific exemptions for nonprofits, such as for clergy performing religious duties or supervising an athletic organization. 

What Does Workers’ Compensation Provide?

Workers’ compensation covers everything from medical bills to funeral costs to lost wages. Injuries caused by repetitive work are included.

Make sure that your business is in compliance with state law while also protecting the people you depend on to make your company work. If you have any questions about workers’ compensation or any other kind of New York commercial insurance, please feel free to call Access Legacy Insurance Group today.

The Brooklyn NY area continues to be a densely populated area of New York and offers a lot of potential to business owners. Those that are business owners in this area of the state are going to need a few forms of insurance. One type of coverage that they will need to have is workers comp insurance. There are several reasons why this insurance will likely be needed by a business here. 

 

Coverage is a Legal Requirement for Employers

A key reason that businesses need to have workers comp insurance is that it is a legal requirement. In New York, the state law mandates that all employers have a full workers comp insurance plan. This coverage is needed no matter how many employees you have on your staff. If you do have a staff member and don’t have coverage, you could be penalized.

 

Coverage Provides Protection for All

A workers comp insurance plan should also be considered a necessity as it offers valuable protection for all parties involved. With workers comp insurance, you can assure employees that they will have support if they are injured while working. This can also help to protect the business as the workers comp insurance can reduce the employer’s liability risk if someone is hurt while they are at work.

 

Anyone that is going to own a business and has a staff in Brooklyn NY will need to have a full workers comp insurance plan. If you are looking for workers comp insurance when you are here, it would be wise to call the Access Legacy Insurance Group. The team with the Access Legacy Insurance Group can offer some very valuable guidance that will help you understand your needs and give the support to choose the right plan. 

Owning a business can bring you a unique sense of pride and accomplishment. However, along with this comes a great deal of responsibility. You have invested a lot of time and money into your business. You will want to protect that investment in the best way possible. At Access Legacy Insurance Group, serving Brooklyn, NY, we take your insurance education seriously. Keep reading to find out what you need to know about commercial insurance.

What is Commercial Insurance?

Commercial insurance is a suite of insurance products that are designed for the business owner. There are many different aspects of your business that can pose potential threats to your company’s financial stability. Without proper insurance in place, any of these factors could cause economic vulnerability. Having the appropriate insurance in place will ensure that you are protected against these risks. 

What Does Commercial Insurance Cover?

Commercial insurance can be customized to suit the particular needs of your business. In general, though, commercial insurance will cover the following areas. 

• Property Damage: If you operate a brick and mortar business location, property damage coverage is an essential part of your financial plan. If your place of business is damaged or lost due to fire, natural disaster, or burglary, commercial insurance will kick in to help pay for the losses. This is necessary for your business to start back up again following a disaster. 
• Auto Insurance: Commercial auto insurance acts similarly to regular auto insurance in that it will protect the vehicles and drivers you use to operate your business. 
• Liability: Liability coverage is essential if someone is injured at your business, an employee is injured at work or if someone is injured because of your goods or services. Liability insurance will help pay for medical bills or legal fees associated with the incident. 

If you would like to learn more about commercial insurance, please contact our staff at Access Legacy Insurance Group, serving Brooklyn, NY.