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New York's average cost for workers' compensation coverage may increase slightly in 2020. A recent study conducted by the Department of Consumer Affairs indicates that New York is currently the 4th highest state, on average, for workers' comp rates. The state was number 13 in 2010, 5th in 2012 and 2016. NY Rates are currently about 155% higher than the national median.
The workers' compensation system in NY is administered by NYCIRB. New York is a Loss Cost state which means that the NY Rating Board issues new manual rates for workers' compensation each year (Usually around October 1). Every insurance carrier must utilize these manual rates to develop premium. However, many of our insurance company partners offer additional policy discounts and premium credits up to 25% for our New York policyholders.
Don't get stuck paying too much for your workers' comp coverage. Our agents know how to get you the lowest rates for your business. Call us today to find out how knowledegable agents, expert advice and more choices lead to the best workers' comp quote.
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What influences my workers comp insurance cost?
Insurance companies file their "base manual rates" for approval with each state for all class codes. Rate recommendations are generally made to the state and carriers annually by the
National Council on Compensation Insurance.
Employee claims are reported to NCCI and statistically compared with all other
similar type businesses using the same class code in each state. An
Experience Modification Rate may apply to your business after a few years of coverage.
Insurance company underwriters are permitted to make premium rate adjustments based
on unique factors about your business, safety practices, and management
experience in most states.
Insurance companies may apply policy credits and debits to the base
manual rates. Additional discounts can be applied to premium as the total payroll &
Smart Agents with expertise in workers' compensation insurance utilize this information to negotiate your insurance rates with underwriters. A good narrative about your business helps
insurance companies justify a better price.
We Track and Monitor Filed Rates for Most State Class Codes. Select Codes Listed:
The workers' compensation rates listed below for New York represent the current lowest and highest insurance rates we've found for 2020. New York rates are set by the New York Workers' Compensation Board and New York State Insurance Department. Insurance companies may be able to offer discounts and credits on policies in NY. We offer Pay As You Go insurance coverage in the New York. Not all employers will qualify for the lowest rates available or maximum policy credits. Compare your workers compensation rates with over 35 insurance carriers.
New York workers comp rates vary by industry class codes and insurance company underwriting standards. Employers' who have an Experience Modification Rating (E-MOD) assigned to their company may have additional credits or debits applied to their insurance rates based on prior premiums and workers compensation loss experience. The New York State Fund is managed by The State Insurance Fund (SIF).
State Resources for New York
New York Compensation Insurance Rating Board
200 East 42nd StreetNew York, NY 10017212-697-3535 NYCIRB
New York State Insurance Department
Rockefeller Empire State Plaza Agency Building One Albany, NY 12257 Department of Financial Services
New York State Workers' Compensation Board
20 Park StreetAlbany, NY 12207 518-474-6670 NY Workers Compensation Board
New York State Insurance Fund- SIF
1 Watervliet Ave Ext.Albany, NY 12206 518-437-6400 NYSIF
New York is not an NCCI as they are under the jurisdiction of NYCIRB. The state has its own State Insurance Fund (SIF) which is a non-profit agency that operates separately from other state workers comp agencies.
The New York State Fund (SIF) is the insurance carrier of last resort in NY and must provide access to legally required workers compensation coverage to all employers in New York. The may only deny coverage if an employer owes a previous balance.
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