Workers\u2019 compensation insurance helps protect employees who face workplace injury. It can also protect your company from paying hefty fees in insurance claims and lawsuits. This type of insurance covers the expenses of a workplace injury, from employee health care bills and loss of wages to employer legal fees.<\/p>\n
This guide walks you through everything you need to know as an employer about workers\u2019 comp insurance in New York. It explains the laws, costs and benefits associated with workers\u2019 comp insurance and reviews the top 5 workman\u2019s comp insurance companies in the state.<\/p>\n
Get Workers Comp Insurance in NY<\/h5>\nTip: compare 2-3 companies <\/h6>\n<\/div>\nThe Best Workers Comp Insurance in NY:<\/h2>\nNew York Workers\u2019 Compensation Insurance: An Overview<\/h2>\n
The Best Workers Comp Insurance in NY:<\/h2>\nNew York Workers\u2019 Compensation Insurance: An Overview<\/h2>\n
In New York, it is almost always required that companies obtain workers\u2019 compensation insurance to protect themselves and their employees, both full time and part time. Workers\u2019 compensation insurance is no-fault insurance that will cover both parties during most workplace accidents.<\/p>\n
Not all workplace accidents are covered by workers\u2019 comp insurance. Here are a few examples of injuries your insurance plan won\u2019t pay for:<\/p>\n
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- Injuries while commuting to or from work<\/li>\n
- Injuries obtained offsite<\/li>\n
- Injuries caused by the use of illegal substances<\/li>\n<\/ul>\n
Here are a few important statistics to consider about workplace injuries in New York:<\/p>\n
Workers\u2019 comp insurance is mandatory in New York. Here are some quick facts:\u00a0<\/p>\n
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- Number of fatal injuries annually:<\/strong> In the United States, 5,190 workers died due to work-related injuries in 2016. In New York, 272 workers died due to occupational injuries.<\/li>\n
- Employers cost per $100 of covered payroll:<\/strong> The cost for employers per $100 of covered payroll in 2016 in New York was $1.50.<\/li>\n
- National ranking (1= largest % increase from 2012-2016):<\/strong> New York ranks 9th in the country for the largest percentage of increase in the cost of workers\u2019 compensation insurance.<\/li>\n
- Low rate per $100 in payroll:<\/strong> The low rate per $100 in payroll for clerical employees in New York is $0.07.<\/li>\n
- High rate per $100 in payroll:<\/strong> The high rate per $100 in payroll for labor employees in New York is $29.93.<\/li>\n<\/ul>\n
How Does NY Workers\u2019 Compensation Law Work?<\/h2>\n
Workers\u2019 compensation insurance is a type of insurance coverage purchased by businesses to protect employees. This insurance offers protection against expenses relating to healthcare, rehabilitation, disability (short- and long-term) and fatalities caused by workplace injuries.\u00a0<\/p>\n
In New York, workers\u2019 compensation insurance is mandatory for all businesses to provide to their employees, with a few exceptions. Employers without workers\u2019 comp insurance in the Empire State can be fined a penalty fee of $2,000 per 10 days of noncompliance, along with being charged for the full amount of an employee\u2019s work-related injury expenses. Additional noncompliance charges may apply, as well.<\/p>\n
Although workers\u2019 comp insurance is generally mandatory, there are a few exceptions to this rule. Sole proprietors or business partners without employees are not required to purchase workers\u2019 comp insurance but can purchase it for themselves if they choose. If you begin to hire employees, however, this purchase becomes mandatory.<\/p>\n
New York is a no-fault insurance state, which means that when an accident occurs, the employee will still receive their benefits regardless of who is at fault. Most insurance companies require employees to report workers\u2019 comp accidents within 30 days, though some extend the window to 60 days. An employee claim or C3 form will be filled out when an accident is reported.<\/p>\n
Employer Cost for Workers Compensation<\/h2>\n
When deciding on workers\u2019 compensation insurance, you\u2019ll likely be focused on price. It\u2019s important however to balance your workers\u2019 needs with your own budget before simply settling on the most affordable insurance option. Be sure to thoroughly research your coverage options and compare plans before making a decision.<\/p>\n
The price of workers\u2019 compensation in New York is the highest in the country. Prices will vary depending on your industry. While most states use the National Council on Compensation Insurance (NCCI) to determine rates and review workplace data, New York uses its own rating board \u2014 the New York Compensation Insurance Rating Board.<\/p>\n
Let\u2019s look at what you can expect to pay for your workers\u2019 comp insurance using the data below. Please note, this table assumes you have at least 5 employees and pay a state fee of $250.<\/p>\n
\n - Employers cost per $100 of covered payroll:<\/strong> The cost for employers per $100 of covered payroll in 2016 in New York was $1.50.<\/li>\n
- Number of fatal injuries annually:<\/strong> In the United States, 5,190 workers died due to work-related injuries in 2016. In New York, 272 workers died due to occupational injuries.<\/li>\n
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