Brooklyn Workers’ Compensation Insurance

Building a small business in New York is as challenging as it gets. Between fierce and abundant competition and the various risks involved, you’ll want to ensure your greatest asset—your employees—have the protection they deserve while your business holds the liability coverage it needs.

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Protect Your Employees with New York Workers’ Compensation from Lincoln Brokerage 

With the complicated rules and class codes that often darken the waters around Workers’ Compensation insurance, it’s easy to overpay or make mistakes that will cost your business thousands of dollars in fines. 

Don’t let the confusion and complicated nature of New York Workers’ Comp hold you back from building something amazing—protect your bottom line with the experienced and qualified advice from a team whose been helping Brooklyn businesses like yours since 1932.

The insurance experts at Lincoln Brokerage are here to guide you through the murk and ensure you come out with exactly the coverages your business needs to flourish amidst the staunch competition of bustling New York neighborhoods like Flatbush, NY.

Did You Know This About Workers’ Compensation?

What is Covered by New York Workers Compensation Insurance?

Whether an injury or illness suffered by you or an employee, Workers’ Comp will pay for the medical fees related to treatment and even cover mileage spent to and from the doctors. So, whether you were hit by an errant tool dropped from above, or contracted an infectious disease while on the job, you can have peace of mind knowing the expenses are covered while you’re at home—or in the hospital—recovering. 

The Importance of Workers’ Compensation

New York doesn’t play around when it comes to Workers’ Compensation insurance. Not only is it essential to your Brooklyn business to avoid insolvency by covering any expenses from injury and illness you or your employees could suffer, the state of New York demands these benefits from your business. 

You will be deemed noncompliant if you fail to provide proof of coverage and therefore take on punishing noncompliance penalties that start at $2000 for every ten days spent without coverage. This cost is also generally much higher by the time you even receive your notice. 

New York places such an emphasis on Workers’ Compensation, that there are often legal consequences as well.

In fact, failure to provide coverage is a misdemeanor punishable by a fine between $1000 and $5000. If you fail to hold coverage with more than just five employees, not only does the fine go upwards of $50,000, but it also becomes a felony that can win your business a stop work order. 

Tack on the medical expenses, legal fees, and bad PR, the cost becomes insurmountable for a small business owner to pay out of pocket.

Don't let the strict regulations of workers' compensation insurance overwhelm you. As Brooklyn, NY, insurance brokers, we are here to help you navigate the right coverage. At Lincoln Brokerage, we have been helping companies with their workers' compensation insurance and making sure they have the right coverage for the strict regulations in Brooklyn.

For more information about your coverage options, or to learn about general liability insurance in Brooklyn, NY, contact us today.

 Protect your employees while safeguarding your business from exorbitant fees with Workers’ Compensation Insurance from Lincoln Brokerage.

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 FAQs about Brooklyn Workers’ Compensation Insurance

In general, you can estimate the rough cost of what your business can expect to pay using this simple formula should you have the correct information:

Class Code Rate x (Payroll / 100) = Estimated Cost

However, there are many variables that affect what you will pay to cover your business and it’s employees with workers’ compensation insurance. From location to the number of employees, here is a simple list of factors to take into consideration:

  • Size of the business and the number of employees
  • Location; where you and your employees do business
  • The industry in which your business operates
  • Your relevant business’ class codes
  • History of Workers’ Comp claims

And, although not always available to new businesses, you may qualify for discounts and credits based on your history of safety.

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