A new bill before the Massachusetts legislature could seriously affect business owners. If the bill is passed, any business owners that do not purchase workers' compensation insurance can be charged with a felony. As it stands now, business owners who fail to purchase the requisite insurance can be charged with a misdemeanor. The increased penalty is a measure that lawmakers hope will spur more business owners to buy the insurance. This money goes into a state fund that is used when workers are eligible to receive compensation benefits.
When a company does not pay into the insurance benefits fund, the rest of the business community ultimately pays when an employee gets injured. This isn't fair for the other businesses that do make their insurance payments on time say bill supporters and legislators. Reports indicate that business owners who do not make their payments can be fined $1,500 and spend one year behind bars. Do you have questions about workers' compensation laws in the state of New York? If so,
contact Katz Leidman Grossman Wolfe & Freund today to speak with a New York workers' compensation attorney from our office that can provide immediate answers.