Tax ID RetailTax Insurance Taxes Bookeeping
Types of Insurance (Employee based)
Unemployment Insurance this is insurance for workers who become unemployed through no fault of their own. In New York State, the employers pay the unemployment benefits (no deductions are made from the employees' paycheck). When you begin doing business in NY and start hiring employees, you need to register in the NYS Department of Labor and Unemployment Insurance division.
They will help you determine whether you are required to pay unemployment insurance.
Furthermore, you may be required to pay the Federal Unemployment Tax if you paid wages of $1500 or more in any quarter during the current or previous calendar year. This tax also applies if you employed at least one worker for some part of the day during a 20-week period.
Employee Benefits , it includes, life and health insurance as well as retirement planning for your employees.
Worker's Compensation and Disability Insurance it covers your employees' loss of income and medical expenses through job related accidents. The worker's compensation coverage has 2 components. First, it covers the worker's medical expenses and loss wages in the case of a job related accident and second, it covers the employer's liability if the worker decides to sue.
Worker compensation rates are based on the payroll, number of employees and type of business that you operate. You can also receive discounts and save money if you offer training on practices on how to avoid accidents, having a drug and smoke free environment and also a return to work program (trying to bring back employees back to work sooner, even if it is for limited duty or a modified job title).
You can have a private provider carry your workers' compensation insurance in New York or you can have it written by the New York Insurance Fund (NYSIF). The NYSIF is a non profit organization that provides a guaranteed source of worker's compensation insurance coverage in New York State. Also, the New York Disabilities Law protects workers from injuries and health problems that are not job related. In NY, if you employ workers (covered employment) for 30 Days or more then you are required to have accident and basic insurance. You can get them from a private provider or the NYSIF.
Employment Practices Liability Provides employers protection against lawsuits regarding employee treatment, such as sexual harassment and discrimination. If you have good systems in place and/or you plan to manage the day-to-day operations of your business then this protection might not be necessary. The coverage may be sensible if you depend on managers to operate your business.
Small Businesses can choose for a Business Owner's Policy , which covers multiple risks. This policy has restrictions regarding size of the business. Refer to your insurance professional for more information.
