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New York Workers' Compensation Insurance
Protect your business and employees with New York state workers' comp
Running a business means putting your employees' health and safety first. If you operate in the Empire State, New York workers' comp insurance provides financial and medical support for team members who experience job-related injuries or illnesses. It also helps you meet state regulations.
Talk to a Progressive Commercial agent to learn more about New York workers' compensation and get the coverage you need.
Who needs workers' compensation insurance in New York?
New York workers’ compensation requirements state that nearly every employer must provide coverage to employees, no matter how many they have or how many hours they work. You might also need workers' comp insurance to meet the requirements for professional licenses and contracts.
New York workers' compensation insurance exemptions
Exemptions to New York workers' comp include:
- Sole proprietors without employees
- Partnerships, LLCs, and LLPs without employees other than the partners or members
- Small corporations with one or two people who own all the stock, hold all positions, and have no other employees
- Nonprofits that don't pay anyone for services, except for clergy or teachers
Choosing to forgo workers’ comp insurance means that your team might not be covered for work-related injury or illness. Businesses that are exempt should still consider workers’ comp coverage to avoid lawsuits from employees who become hurt or sick within the scope of their work. Learn more about who is exempt from New York workers' comp.
What are the penalties for not having workers' comp in New York?
Operating without workers' compensation insurance in New York can result in significant penalties like fines, criminal charges, and even business closure.
Secure workers' comp coverage to ensure your business runs smoothly.
How much does workers' comp insurance cost in New York?
The cost of workers' compensation in New York is determined by several key factors, including:
- Job classification code: The National Council on Compensation Insurance (NCCI) establishes specific class codes for different jobs in New York according to their risk levels.
- Payroll: Workers' comp rates are based on every $100 of your payroll. A larger payroll might lead to a more expensive policy.
- Claims history: What you pay for workers' comp is impacted by your claims history. More claims can mean higher premiums.
- Insurance carrier: New York workers' comp insurance companies might set different rates depending on their unique risk assessments and pricing policies.
How can you get workers' comp in New York?
You have several options for purchasing workers' comp in New York, including:
- Private insurers: Many businesses in New York choose to purchase workers' comp from private insurers. These providers can customize coverage options and might offer additional benefits. Talk to one of our specialized agents to learn more about your options.
- Self-insurance: Larger businesses that are financially stable can apply for self-insurance through the New York State Workers' Compensation Board. If approved, this means you'll need to cover potential claims and handle all administrative work yourself.
- Group self-insurance: Certain industries have group self-insurance trusts, where businesses from the same industry team up to share resources and provide coverage. This option also requires approval from the New York State Workers' Compensation Board.
- Assigned risk pool: Some businesses have a hard time getting coverage because they're new, high-risk, or have a history of many claims. In these cases, workers' compensation is available through the New York State Insurance Fund (NYSIF).
No matter what type of business you run, exploring these options can help you find the right workers' compensation coverage.
How does workers' comp work in New York?
New York workers' comp insurance helps your employees with job-related injuries or illnesses. After an employee reports an incident, the employer files for a claim. If approved, the employee receives financial assistance. The length of support is based on the severity of the case.
Benefits of New York workers' compensation include:
- Medical expenses
- Disability benefits
- Lost wages
- Rehabilitation costs
Workers' comp supports injured employees financially and helps them get back to work. It also protects you from fines or lawsuits since employees who accept these benefits usually can't take legal action.
New York workers' comp death benefits
In New York, workers' comp offers death benefits to the family of a deceased employee. These include:
- A lump-sum payment of up to $12,500 for funeral expenses
- Payments of up to 66.67% of the deceased workers' weekly wages
Review details of survivor benefits to learn more.
New York workers' compensation statute of limitations
The deadline for filing a workers' comp claim in New York is two years from the date of injury or illness. Encourage your employees to report incidents early to help protect their right to benefits.
Get a New York workers' comp quote with Progressive Commercial
Protect your employees and safeguard your business with workers' comp through Progressive Commercial. Our dedicated team makes it easy to find the coverage you need at a competitive price.
Give us a call to talk to an agent or start an online quote today.
