Two Popular Types of Workers’ Compensation Plans

When it comes to New York State Workers Compensation, there is no such thing as too great of a plan. Workers compensation plans financially assist workers in the event that they sustain an on-the-job illness or injury. If this occurs, the plan will prevent you from having to pay for your employee’s medical bills and living expenses out of your own pockets. Having a reliable plan is a must for any business owner, and in most states it is required by law. There are many different types of workers’ compensation plans, but here is some information regarding two of the most common.

Guaranteed Cost Plans

Guaranteed cost plans are one of the most popular forms of New York State Workers Compensation plans. With these plans, your premiums are based on your company’s payroll. The insured pays a predetermined amount, even if a heavy loss is incurred. Guaranteed cost plans are famous for being easy to budget and manage.

Large Deductible Plans

As the name suggests, large deductible plans requires the insured to meet a relatively high deductible before the insurance company pays anything. These plans are lower in cost, and are becoming increasingly popular. Large deductible New York State Workers Compensation plans must be individually crafted and filed by the insurer.

In short, both of these plans are effective, but you must make a decision based on your company’s individual needs. Having a great workers’ comp plan is the first step to taking care of your employees and protecting yourself from lawsuits. With one of these plans, your business will be primed for success.

This post was written by , posted on March 31, 2016 Thursday at 3:45 pm

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