Owning a restaurant in the New York area is a very challenging task. There are a number of things that have to be offered to employees in order for them to want to work for the company. They have to offer competitive wages, vacation time and various insurance plans to accommodate their needs. One thing that a restaurant owner will want to have is a sound NY workers comp policy.
What Is a Workers’ Comp Policy?
Workers’ compensation is an insurance policy that protects business owners and employees from having to deal with a heavy financial burden. A worker that is injured at work will end up losing wages because they cannot work. The employer may end up getting sued for lost wages and face heavy settlements that could put them out of business. This kind of policy provides the coverage needed to keep both parties happy.
What the Policy Covers
A workers’ comp policy will cover a variety of things that can come up. There is coverage for the employee for lost wages because they are not able to work. They will also have their medical costs covered and any charges for rehabilitation. The employer is protected from having to pay for all of these charges.
Why It’s Important to Have a Workers’ Compensation Policy
It is important for a restaurant to have workers’ comp policy because it is required by law. A business owner can be fined up to $2,000 if they do not have this policy in place for their employees. A workers’ compensation policy is very easy to buy. All a business owner needs to do to get a policy is contact their local insurance agent. Their agent will be able to give them information that they will need to set up a policy. The policy will be tailored to meet the needs of the company. The premiums of these policies are usually very cheap so it is important to take advantage of the offer before it is too late.