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To this end, this blog is Part III of our short series on “Employer Considerations Concerning Employment-Related Insurance.” In Part II, we provided insight into why employers of start-ups and growing businesses and companies in New York should consider purchasing EPLI in addition to other insurance policies. Regarding this consideration, we mentioned that EPLI (employment practices liability insurance) is a type of insurance policy aimed at covering businesses and companies against claims by employees who allege that their rights as employees of the company or business in question have been violated. However, we also emphasized that although EPLI can protect employers from lawsuits in which employees allege their rights have been violated in claims that include, but are not limited to, wrongful termination, discrimination, infliction of emotional distress, and sexual harassment, the type of plan and insurance carrier determine the degree of EPLI coverage.
As we move this discussion forward, we have, in this blog titled “Obtaining Workers’ Compensation Insurance under New York Law,” hammered on the importance of obtaining workers’ compensation insurance, as well as what applicable statutes in New York say about this insurance policy.
Obtaining Workers’ Compensation Insurance under New York Law
Unlike under disability insurance where employers are required to provide disability benefits insurance for off-the-job illnesses or injuries to employees, the workers’ compensation insurance serves to protect employers from claims arising from injuries workers may suffer while working. Notably, through this form of insurance policy, employers provide assurance that an employee would obtain medical care and be compensated using a portion of the income lost while the latter is not able to continue work as a result of an injury obtained while working.
Pursuant to NY Work. Comp. Law §§ 2–3, employers in New York are required to obtain workers’ compensation insurance to cater for illnesses and injuries obtained by employees while on-the-job. However, particularly when changing insurance carriers, employers should be cautious not to have any coverage lapses. This form of insurance policy is essentially important to both the employee and employer because, in addition to covering medical expenses and services, it typically constitutes protections for the employer’s legal representation, death benefits, permanent disability payments, and payments for temporary disability to cover lost earnings and wages.
Another key thing to note is that while employers are barred from requiring employees to contribute to or pay premium costs, as codified under N.Y. Work. Comp. Law § 31, it is the responsibility of the employer to pay any costs or contributions for insurance. As part of compliance under this statute, employers should also use Form C-105 to post a notice that they provide their employees with workers’ compensation insurance. Notably, employers should obtain Form C-105 from the insurance carrier of the workers’ compensation insurance they have chosen.
Be on the lookout for our next blog titled “Obtaining Unemployment Insurance under New York Law” and Part III of the series, in which we will discuss why employers, particularly those of start-ups and growing companies and businesses operating in New York, must obtain unemployment insurance. We will also review which statute requires employers to obtain this type of insurance policy and what they say about the same.
As usual, stay tuned for more legal guidance, training, and education. In the interim, if there are any questions or comments, please let us know at the Contact Us page!
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