What the Hell is Workers' Compensation Insurance?

Workers' Compensation Insurance can pay for three things when an employee is injured at work: medical bills, recovery costs, and partial missed wages. If an employee dies, Workers' Comp can cover funeral costs and benefits to the worker's family. Depending on state laws and contract requirements, you may need this policy to cover employees, contractors, freelancers, or even yourself.

Workers' Comp (formerly "workman's comp") emerged from a "grand bargain" between business owners and workers. Business owners were tired of being sued by injured workers. Workers were tired of being injured.

So Workers' Comp Insurance was designed to help pay for work injuries and illnesses without the rigmarole of a lawsuit. This liability policy can help your business do three things:

1.   Pay for medical expenses and replacement wages when employees are injured at work.

2.   Comply with state Workers' Comp laws.

3.   Pay for legal expenses if an employee sues over a work injury the policy doesn't cover.

Most states require employers to buy Workers' Compensation Insurance as soon as they hire their first employee. Even when that's not the case, it's smart to have this policy, because the cost of workplace injuries is substantial:

§  The average workplace injury claim costs $36,551Recovering from a workplace injury took a median of nine days in 2014, according to the Bureau of Labor Statistics [PDF].

§  Productivity losses come to about $2,660 per hourly worker, according to a report from workforce solution company Circadian.

The takeaway: workman's comp injuries cost small businesses in lost productivity. Without insurance, those costs would be compounded by employee medical expenses and missed wages.

Proven Results We solve Tax and Insurance problems quickly and quietly. Professional tax representation includes defense against tax crimes, tax evasion, failure to file a tax return and criminal non-filing, filing false tax returns, installment agreements, partial payment agreements, audits, sales tax controversies, wage garnishments, bank levies, seizure of property, innocent spouse relief, trust fund recovery penalty, payroll taxes, statute of limitations, offer in compromise ("OIC"), administrative appeals, collection due process hearings ("CDP") asset protection trusts, tax liability settlement trusts, and most other tax matters.

Successful Tax Advocates We keep our clients out of court and out of prison. We practice before the Internal Revenue Service (“IRS”) the New York State Department of Taxation and Finance (“NYS”) the Department of Justice Tax Division (“DOJ”) and the Defense Office of Hearings and Appeals (“DOHA”). 

Conveniently Located Our offices are conveniently located at 147 West 35th Street (near Penn Station) and same day and emergency appointments are available. 

Professional Service To schedule a legally privileged consultation with an experienced Federal Tax Practitioner and licensed Attorney call Selig & Associates directly (212) 974-3435.  

We Settle Insurance Claims for Top Dollar In addition to our tax practice we settle large residential and commercial property insurance claims, including business interruption, burglary, fire, windstorm and water damage. 

Guaranteed We return telephone calls and answer emails promptly and we provide our clients with regular updates and status reports. 

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