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The costs related to workplace injuries can be extreme for any size business, and devastating for a small business. Workers’ compensation insurance protects both your business and your employees by offering benefits to injured workers, and by preventing employees from filing expensive lawsuits.
New York has a no-fault workers’ compensation system, which means that benefits will be paid for work-related injuries and illnesses, regardless of who is at-fault. In exchange for these benefits, workers give up their right to sue employers for additional damages.
New York employers are required to obtain workers' compensation coverage for all employees, including part-time employees and family members that are employed by the company. This includes workers in all for-profit companies, including part-time employees, borrowed employees, leased employees, family members, and volunteers.
Other covered entities include:
Workers Compensation Law
Construction Employers: One or more employees
All Employers: One or more employees
Agricultural Employers: One or more employees, if the farm employer has paid $1,200 or more for farm labor in the preceding calendar year
New York employers can purchase workers' compensation insurance coverage from private insurance carriers authorized by the New York State Insurance Department to provide workers' compensation insurance. Coverage can also be purchased from the State Insurance Fund, a public insurance carrier in New York State.
Some employers may choose to self-insure. These employers must demonstrate the financial strength necessary to self-insure, or become a member of a group self-insurer authorized by the state.
New York workmans’ comp premiums are determined by how many employees an employer has, the type of jobs performed, the employer’s annual payroll, and the employer’s history of accidents and workers’ compensation claims. In general, if you have workers who are more likely to be injured on the job, you can expect to pay more for workers’ compensation insurance in New York.
The New York Compensation Insurance Rating Board (NYCIRB) assigns a risk classification code (class code) to every occupation. Each class code represents industries and occupations with similar exposures to workplace injuries.
Class codes are used to classify workers’ compensation base rates, which coincide with the loss experience of the employers within each code. Each class code is assigned a base rate that is determined by how hazardous the occupation is for workers. The base rate is used as part of a formula that determines an employer’s annual workers’ compensation premium.
Example Based on $100,000 Annual Payroll
After you establish a workers’ compensation claims history, experience rating makes a significant difference in what you pay over time. An experience modification factor, or experience mod, is an additional factor that may be applied to your workers’ compensation premium calculation. It either increases or decreases your workers’ compensation premium for a given year.
Your mod is a numerical representation of your actual losses compared with expected losses for your industry (plumbers are compared to plumbers, restaurant workers to restaurant workers, etc.) The mod is applied to the New York workers’ compensation premium as a debit or credit.
Experience-rated premium calculation:
New York employers are eligible for experience rating when they meet one of the following requirements:
Need workers’ compensation insurance in New York? A Trusted Choice insurance agent can help you find the right carrier and coverage for your needs, and can help you comply with state regulations.
Your independent agent can also help you evaluate your risk management techniques and find new programs and solutions to keep your workers’ compensation insurance costs down over the long term.
Healthcare $1,825 Per $100,000 payroll
Retail Trade $2,850 Per $100,000 payroll
Construction $7,430 Per $100,000 payroll
Average Cost Per $100,000 in Payroll
|City||Top Industry 1/Workers Comp Cost||Top Industry 2/Workers Comp Cost|
|Albany||Public Administration: $160||Health Care & Social Services: $1650|
|Astoria||Accommodation & Food Services: $3950||Construction: $11,370|
|Bedford||Professional, Scientific & Technical Svcs: $635||Finance & Insurance: $725|
|Binghamton||Educational Services: $570||Retail Trade: $1150|
|Bronx||Health Care & Social Services: $1650||Construction: $11,370|
|Brooklyn||Construction: $11,370||Other Transportation & Support Activities and Couriers: $7380|
|Buffalo||Retail Trade: $1150||Manufacturing: $2025|
|Cheektowaga||Retail Trade: $1150||Manufacturing: $2025|
|Cortlandt||Professional, Scientific & Technical Svcs: $635||Construction: $11,370|
|Elmira||Manufacturing: $2025||Retail Trade: $1150|
|Freeport||Retail Trade: $1150||Construction: $11,370|
|Harrison||Finance & Insurance: $725||Professional, Scientific & Technical Svcs: $635|
|Hempstead||Construction: $11,370||Accommodation & Food Services: $3950|
|Hudson Valley||Retail Trade: $1150||Finance & Insurance: $725|
|Huntington||Professional, Scientific & Technical Svcs: $635||Finance & Insurance: $725|
|Ithaca||Educational Services: $570||Retail Trade: $1150|
|Kingston||Retail Trade: $1150||Health Care & Social Services: $1650|
|Long Island||Professional, Scientific & Technical Svcs: $635||Accommodation & Food Services: $3950|
|Lynbrook||Construction: $11,370||Educational Services: $570|
|Mount Vernon||Construction: $11,370||Retail Trade: $1150|
|New Rochelle||Construction: $11,370||Retail Trade: $1150|
|New York City||Retail Trade: $1150||Accommodation & Food Services: $3950|
|Oneonta||Educational Services: $570||Accommodation & Food Services: $3950|
|Oswego||Manufacturing: $2025||Retail Trade: $1150|
|Poughkeepsie||Retail Trade: $1150||Accommodation & Food Services: $3950|
|Queens||Accommodation & Food Services: $3950||Construction: $11,370|
|Richmond Hill||Accommodation & Food Services: $3950||Construction: $11,370|
|Rochester||Manufacturing: $2025||Health Care & Social Services: $1650|
|Rockville||Finance & Insurance: $725||Professional, Scientific & Technical Svcs: $635|
|Rome||Manufacturing: $2025||Retail Trade: $1150|
|Saratoga Springs||Manufacturing: $2025||Professional, Scientific & Technical Svcs: $635|
|Schenectady||Retail Trade: $1150||Manufacturing: $2025|
|Staten Island||Finance & Insurance: $725||Public Administration: $160|
|Syracuse||Educational Services: $570||Retail Trade: $1150|
|Troy||Educational Services: $570||Retail Trade: $1150|
|Tupper Lake||Health Care & Social Services: $1650||Public Administration: $160|
|Utica||Manufacturing: $2025||Health Care & Social Services: $1650|
|Watertown||Public Administration: $160||Retail Trade: $1150|
|Westchester||Health Care & Social Services: $1650||Educational Services: $570|
|White Plains||Professional, Scientific & Technical Svcs: $635||Retail Trade: $1150|
|Yonkers||Retail Trade: $1150||Construction: $11,370|