Introduction: Why Workers Compensation Insurance Matters
Whether you’re a small business owner or managing a large workforce, having a reliable workers compensation insurance policy is not just a legal requirement—it’s a vital part of protecting your employees and your business. Accidents happen, and when they do, the right workers compensation insurance provider can mean the difference between a minor disruption and a financial disaster.
In this article, we’ll explain exactly what workers compensation insurance covers, focus on the loss of wages benefits under New York State law, explain the role of the Employers Liability section, and introduce you to the BGES Group, a leader in workers compensation insurance serving New York, New Jersey, and Connecticut.
What Does Workers Compensation Insurance Cover?
Workers compensation insurance, sometimes searched as workman’s comp insurance or work comp insurance, provides coverage for employees who suffer injuries or illnesses while on the job. It typically includes two major areas of protection:
- Medical Expenses: This includes hospital bills, doctor visits, medications, surgeries, physical therapy, and any necessary ongoing medical care. The goal is to ensure the employee gets proper treatment without bearing the cost out of pocket.
- Loss of Wages (Indemnity Benefits): If an employee is unable to work due to a work-related injury or illness, workers compensation pays a portion of their lost income during recovery. These payments help injured workers maintain financial stability while healing.
Wage Loss Benefits Under New York Law
In New York, the workers compensation lost wage benefit is calculated based on two-thirds (66.67%) of the injured employee’s average weekly wage, up to a maximum amount set by law. Here’s a breakdown:
🔹 Maximum Weekly Benefit (As of July 1, 2024 – June 30, 2025):
- $1,171.46 per week
This amount is subject to change annually based on the New York State Average Weekly Wage (NYSAWW).
🔹 Minimum Weekly Benefit:
- $150 per week, or the employee’s full wages if they make less than $150 weekly.
🔹 Is Workers Compensation Wage Loss Benefit Taxable?
No. Workers compensation wage loss benefits are generally not taxable at the federal or state level. This helps injured workers retain more of their benefits during a tough time.
These wage benefits are essential for any business to understand because having the best workers compensation insurance ensures injured employees are taken care of and lawsuits are minimized.
Employers Liability Coverage: A Key Protection for Your Business
Another vital component of a standard workers compensation insurance policy is Employers Liability Insurance. While workers comp typically covers medical and wage loss, Employers Liability steps in when the employer is sued due to a job-related injury not fully covered by workers comp laws.
Why Is This Coverage Included?
Despite workers compensation being a no-fault system, employees or their families can sometimes file additional claims alleging employer negligence. That’s where this coverage becomes essential.
3 Real-World Examples of Employers Liability Claims:
- Third-Party Over Actions: An employee injured by a machine sues the manufacturer, and the manufacturer then sues the employer for improper training.
- Loss of Consortium Claims: A spouse sues the employer for loss of companionship and support due to a debilitating workplace injury.
- Dual Capacity Lawsuits: An employee sues the employer in a different capacity—for example, if the employer also manufactured a defective product that caused the injury.
Employers liability ensures you’re not paying out of pocket for defense costs or judgments in such lawsuits, making it an integral part of a comprehensive workers compensation insurance plan.
Meet BGES Group – Your Tri-State Workers Compensation Experts
When you need workers compensation insurance in New York, New Jersey, or Connecticut, BGES Group is the name trusted by thousands of businesses across all industries. We’re more than just insurance brokers—we’re advocates for our clients, specializing in finding affordable workers compensation insurance policies that deliver unmatched protection.
Why Choose BGES Group?
- Over 44 Years of Industry Expertise
- Customized Insurance Plans for High-Risk and Low-Risk Industries
- Access to Top-Rated Workers Compensation Insurance Carriers
- In-House Claims Support to reduce claim costs and improve outcomes
- Dedicated Agents who understand the unique labor laws in NY, NJ, and CT
Whether you’re a contractor, manufacturer, restaurant owner, or part of the healthcare industry, we can tailor a policy that fits your operations, budget, and risk profile.
Looking to Reduce Workers Comp Costs?
We help businesses implement safety programs, return-to-work policies, and monitor claim activity to lower experience mods and reduce premiums. If your business has been dropped by a carrier or labeled “high-risk,” BGES Group can place you with specialized markets that welcome challenging risks.
Get in Touch with BGES Group Today!
If you’re searching for workers compensation insurance near me, or looking for a better rate on workers comp insurance, contact the BGES Group today to discuss your options.
📍 Serving: New York, New Jersey, Connecticut
📞 Phone: Gary Wallach – (914) 806-5853
📧 Email: bgesgroup@gmail.com
🌐 Website: www.bgesgroup.com
Final Thoughts: Peace of Mind for You and Your Employees
Workers compensation insurance is more than a compliance requirement—it’s an investment in your business’s resilience and your employees’ well-being. By understanding how it works, especially the loss of wages benefits in New York, and making sure you have a comprehensive policy that includes Employers Liability, you’re building a safer, more protected workplace.
Partnering with a specialist like BGES Group means you’ll never have to navigate the complex world of work comp insurance alone. Get peace of mind, expert guidance, and a policy that fits your exact needs—whether you’re just starting out or looking for a better deal.