Insurance Requirements

As an Employer, you are required by Law to
maintain certain certain types of insurance on
your employees.

If you have one or more employees which are
not owners/stockholder/officers, you are required
to maintain worker's compensation insurance as
well as statutory disability insurance. Worker's
compensation covers injuries on the job to
employees. Disability insurance covers the
employee for off the job sickness or injury. It is a
violation of law not to maintain both for your
employees. In New York State, the penalty can
be $25.00 per day or more for each day that
there is no coverage when such coverage is
required as described above.

Employer owner/stockholders can elect to
exempt themselves from coverage. This
exception applies only if there are no more than
two stockholder/owner/employees for the
business.

Remember, although the owner/stockholder
can elect out of coverage, in the event of an
injury you will be uninsured with no coverage.

Finally, since the above coverages are not
taxes, in many cases we are unaware as to
whether you maintain coverage since the
insurance may be part of your overall insurance
package. It is not our responsibility to see if you
have insurance, it is the responsibility of you and
your insurance broker.

If you have any questions regarding the
above, please feel free to call.