There are many different ways how to get workers compensation insurance in New York.
The best way depends upon you!
If you ask a question yourself “How do I get a workers compensation insurance in the state of New York?” you are asking the right question because every state is different.
4 Ways: How To Get Workers Compensation Insurance in New York
Following 4 ways will help you on how to get workers compensation in New York.
- You can go directly to the insurance carrier
- You can work with captive agent
- You can work with independent agency/agent OR
- You can call the state fund.
So, let’s know about each one of those in details.
*Also Check: workers comp ghost policy
1. Insurance Carrier
It’s a perfectly fine option.
If you google “workers compensation insurance New York” then you will find the one of this insurance carriers, You just need to fill your information and they will send you the best workers comp insurance rate.
Think about the direct model easy as it seems understand your are getting no guidance and whether there policy are not setup correctly and when state comes to audit workers compensation program there is not better clause.
So, you have to deal with this all and in that scenario you are 100% responsible for all policy setup.
Additionally, they are not going to help you find credits, discounts, they should be not work with you on a experience modification factor if you have one of those.
Ultimately, you gonna get a call from one company so, think wisely before buying workers compensation insurance from a single insurance carrier.
2. Captive Agent
Captive agent is going to talk to you on a phone, help you through the process, but ultimately they also have only one option.
Most of the captive agent don not have robust platform for workers compensation either.
If you decide to buy a workers compensation insurance from captive agent, then make sure you make conscious decision to buy a lesser product.
3. Independent Insurance Agency
Independent insurance agency has a lots of tie-ups to insurance carrier and there main job is to finding the best insurance carrier for your business.
They aligned with your industry with proper payroll auditing and application of that payroll to the proper class codes, audit your modification factor which are largest drivers in the change of your premiums, and finally work with you to find discounts, and credits like work place safety, drug free workplace credits that can bring your premiums down even further.
There are additional modifications that can be added in terms of credits and debits of your policy as well depending upon your operations and willingness to put a process that keep your employees safe and healthy.
4. State Fund
Your last option is state fund, you can call the state fund or visit their website and you can deal with them directly.
The state fund has pros and cons, I think that cons often out with the pros unless you force to go the state fund as a source of last resort.
The state fund could be wonderful tool for the business that may be class out off all programs in the state or have a lost history that doesn’t allow them to get into the proffered market.
There is nothing wrong in the state fund, but if there is private market it is often better placed to be from price, claim handling, and payment options perspective.
Video: How To Get Workers Compensation Insurance in New York
So these are the 4 ways on how to get workers compensation insurance in New York.
Whatever way you choose always make sure you know every details about that company, carrier, or agent.
I hope this guide helps you in anyway, Let us know in comment what way you are going to choose and why.
What is workers compensation insurance?
Workers compensation insurance policy is more of a commercial policy that covers the employer’s legal responsibility to compensate their employees in the event of their death or injury.
How much does workers compensation insurance cost in New York?
The estimated workers compensation insurance in New York is $1.44 per $100 of covered wages.