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Sole-proprietors with no employees are not required to carry coverage. They are required to provide coverage if they have 1 or more employee, but they are automatically excluded from coverage unless they elect to be included. If a policy is purchased when by a sole-proprietor with no employees, they will be automatically included unless they exclude themselves by following the proper form.
Partners and LLC Members with no employees are not required by law to get coverage. Partners are automatically excluded from coverage once they have employees; however, they may elect to include themselves under a policy. Partners who have no employees but choose to cover themselves are automatically included unless they elect to exclude.
Corporate Officers, with one additional owner or less, and no employees are excluded from state mandatory coverage. They may elect coverage if they choose. If more than two Officers, all Officers must be included in coverage. Officers of companies with employees are automatically included for coverage, but may elect to exclude themselves when eligible.
Sole-Proprietors included on workers' compensation coverage must use a minimum payroll amount of $45,500 and a maximum payroll amount of $137,800 for rating their overall workers' compensation cost.
Partners and LLC must be included at a minimum of $45,500 and a maximum of $137,800 for coverage effective between 10/01/2023 and 10/01/2024.
Corporate officers who are not excluded from coverage must also utilize a minimum payroll of $45,500 in order to calculate the cost of workers' comp insurance. Corporate Officers in the state of New York have several exclusions depending upon industry and how the business is structured. It is best to consult with a licensed agent or the New York Compensation Insurance Rating Board for more details.
All business owners in the construction industry in NY must use a special payroll limitation of $89,343.80. This includes officers, partners and sole-proprietors.
The state of New York provides a free online tool for verifying workers' compensation insurance coverage. Anyone can search by business name or FEIN. The results will only show the business name and policy number for employers who have coverage in the state being searched. The information is managed by the NY Workers' Compensation Board.
NY workers' comp verification tool
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Workers' compensation is a commercial insurance product categorized as Property & Casualty
insurance (P&C Insurance). Even though workers' comp is calculated using estimated payroll wages and class
codes, premium is still a separate business expense from the cost of payroll. New York Employers may treat the cost
of coverage as an expense on their taxes.
Work comp rates for all job classification codes are always expressed as a percentage of $100 in
wages. An annual policy is always subject to an audit because it was based on estimated wages and not actual
Here is an example using two class codes with different estimated payroll for each class code:
In order to calculate the cost of the policy you only need to multiply each rate with its divided
payroll. It benefits employers to re-calculate their premium as their payroll becomes larger than originally
* Additional premium costs may also include an expenses constant, terrorism charges, catastrophe charges and other state surcharges such as a second injury fund or other state assessment fees.
Every state has their own laws to determine how employees must be covered and how they must be
classified for rating premium. A lot of states use state specific class codes and have different requirements for
who is obligated to carry workers' compensation insurance.
If you have employees that travel out of state for work, or they work in multiple states
throughout the year, you may need to buy a policy for each of the states where your employees are located and
working. In most cases, you can cover multiple states on one policy.
Workers' Compensation Insurance in New York can
be purchased from private insurance companies authorized by the state to provide coverage. The Assigned Risk Pool,
or an alternate State Insurance Fund,
is available for businesses that are unable to find coverage from a private company. Our specialists help will
help you navigate your best options.
Policy premium is based on numerous factors including: class codes assigned to your business and
employees, estimated payroll, covered states, prior policies, owner experience and previous workers compensation
See New York workers'
comp insurance laws
New York workers' compensation insurance helps pay claim
expenses when an employee, or a covered sub-contractor, is injured while working for your business. It also shields your
business from other legal liabilities associated with an injured employee. Work comp coverage includes:
Workers' comp insurance pays for the medical expenses associated with claims or injured workers. The cost of
an ER visit, required surgeries and drug prescriptions are some of the covered expenses included under a policy. An
employee injured due to a slip and fall would be covered, for example. Coverage for medical benefits can also include longer term
expenses such as physical therapy or rehabilitation.
Employee Wages- Income Benefits
Most business owners can't afford to continue paying employees if they are unable to work while they are
injured. Workers' comp income benefits in New York will replace most of your
employees missing income if they are away from work due to an injury or illness. For example, if a construction employee
broke his arm and could not perform the job for 8 weeks, the coverage would make payments to the employee to help replace
the lost wages.
Short-Term and Long-Term Disabilities
Sometimes an injury can cause a partial disability or a more permanent disability. Workers' compensation steps in to help pay the cost of ongoing medical bills and may even replace a portion of wages lost due to the disability. If an employee had a finger amputated due to a work related injury. The employee could be paid a sum (known as an Impairment Rating) for the loss of the finger for permanent disability as well as some temporary disability coverage while recuperating.
Some types of work environments can include occupational exposures that have unforeseen circumstances. A chemical mixing operation, for example, may expose employees to chemical irritants and cause harmful reactions that make them sick. A workers' comp policy would cover the cost of treating an illness caused while performing the job.
Nearly 50,000 deaths happen at work each year. Many of these are in the construction and trucking industries.
A workers' compensation policy is designed to cover the cost of these funerals and to provide death benefits to the employees family. State guidelines often determine the dollar amount of coverage.
Workers' compensation coverage is a No-Fault system designed to prevent costly employee lawsuits related to on-the-job-injuries. Many state provisions include Exclusive Remedy rules that protect covered businesses from these lawsuits in exchange for providing workers' comp coverage for their employees. Claims should be reported to a supervisor with 30 days. Employers should also report any claims or accidents to their insurance company within 30 days from notification.
Enjoy the benefits of our Pay As You Go Workers' Comp Options in
Zero Deposit or PayGo Programs
We've developed Pay As You Go workers' compensation programs that reduce or eliminate premium deposits and allow New York business owners to report and pay premium based on actual payroll wages. Protect your business from audits.
Smaller Installment Payments
We work hard to negotiate better deals with many of our insurance carriers to offer more flexible payment options like 12 equal installments plans and monthly reporting programs to help improve cash flow for our business owners.
Coverage for Tough Class Codes
We offer workers' compensation quotes from over 35 insurance carriers writing insurance in NY, making us your best option for lower workers' compensation rates, and quotes for tougher work comp class codes in New York.
NY Workers' Comp Specialists
New York state is currently in the top five most expensive states with regard to the average cost of workers' compensation insurance. The cost of coverage in the state varies significantly between insurance companies so employers are advised to shop several carriers for the best deal.
NY Class Codes
New York utilizes its own private programs for administering workers' comp rating and does not utilize NCCI. Let our NY workers' compensation Specialists help you determine your correct class codes before your buy coverage. We'll help ensure your business is properly covered.
Fast Workers' Comp Quotes
We make the process of getting workers' compensation quotes fast and easy. We know your time is valuable. That's why we work harder to streamline the quote process, compare your rates and coverages, and present your best options as quickly as possible. We often have your insurance quotes ready in less than 24 hours.
Compare Rates With More Carriers
We're a National Agency, and we have dozens of carriers offering workers' comp quotes in New York. We have access to over 35 insurance companies with a diverse appetite and competitive rates. Our markets know we expect the lower rates, bigger discounts, and more policy credits when we request a quote.
THE RIGHT QUOTE MAKES A DIFFERENCE.
A BETTER WAY TO BUYWORKERS' COMPENSATION INSURANCE
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