• 26
  • Nov2019

What is the New York State Insurance Fund or NYSIF?

What is the New York State Insurance Fund or NYSIF?
The New York State Insurance Fund is a quasi-government organization that was formed in 1914 to act as the “market of last resort” for worker's compensation in New York. Market of last resort means that if your business couldn’t find an insurance company that would sell you workers comp coverage, you would go to the NY

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  • 24
  • Oct2019

5 Problems with Worker’s Compensation in New York

5 Problems with Worker’s Compensation in New York
Right now, the marketplace for worker's compensation in New York is mostly stable and competitive but some issues do exist. Below are what we see as the Top 5 Problems with Workers Compensation in New York. #1. Healthcare Costs. As an employer, you have seen the cost of your employee benefit costs skyrocket. There are a

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  • 10
  • Oct2019

Everything you need to know about Workers Comp Rates in New York

Everything you need to know about Workers Comp Rates in New York
Okay, that’s a pretty broad headline, so I’m going to break down some of the major elements of how workers' compensation rates work in New York so you have a better idea of how it works and what’s critically important for you to know when making a decision on buying insurance. I'm not sure I'll hit

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  • 23
  • Sep2019

5 Things you Should Know about Workers Comp in NY

5 Things you Should Know about Workers Comp in NY
There’s a lot of things to know about workers compensation insurance in New York, it’s a big state with a lot of businesses large and small across a diverse landscape, but we’ve picked out 5 THINGS YOU SHOULD KNOW ABOUT WORKERS COMP IN NY, with a special focus on Downstate NY. #1. You can purchase workers

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  • 16
  • Sep2019

Does Your Business Need Workers Comp in NY?

Does Your Business Need Workers Comp in NY?
Does your business need workers compensation insurance? This is a fairly simple question to answer. Just about every business with employees is required by law to have workers comp insurance in New York. There are exceptions to this rule: 1. If the business is owned by one individual who is the only employee of the company,

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  • 09
  • Sep2019

The Best Workers Compensation Insurance in New York

The Best Workers Compensation Insurance in New York
How to choose the Best Workers Compensation Insurance in New York Hint: The lowest quote may not be your best choice, here's why..... When you think of the best of something, especially when it comes to insurance, the first thing that comes to your mind may be the least expensive, or the cheapest.  There’s no doubt

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  • 23
  • Oct2018

Understanding Indirect Loss Costs Leads to an Eight-Fold Improvement in Cost Reduction

Understanding Indirect Loss Costs Leads to an Eight-Fold Improvement in Cost Reduction
  Executive Summary:  In this article we focus on understanding indirect loss costs and how they impact a firm’s bottom line.  Indirect loss costs are well established in the Fortune 500 world, but they don’t get much attention in the middle market, which is a shame.  Indirect costs are just as significant (if not more so)

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  • 28
  • Sep2018

The Alternate Employer Endorsement

The Alternate Employer Endorsement
In today’s gig economy, there are numerous forms of employment which can bring challenges to your workers compensation insurance, and worker injury risk.  The Alternate Employer Endorsement is an important risk transfer tool which should be deployed when non-traditional employment arrangements are engaged in.  Here’s why. If you are an employer who employs workers from a

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  • 17
  • Sep2018

Employee or Independent Contractor? Avoiding Workers Compensation Problems

Employee or Independent Contractor? Avoiding Workers Compensation Problems
We have written about the topic of properly classifying employees in the past, but there is continued crack down by regulatory authorities and insurers about classifying workers properly with regard to NY workers compensation.  Are workers employees or independent contractors? Under the New York Workers Compensation Board Rules most workers are classified as employees for rating

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  • 17
  • Sep2018

What is a Loss Sensitive Rating Plan?

What is a Loss Sensitive Rating Plan?
A loss sensitive rating plan...... such as a high-deductible plan is an alternate method of financing an employer’s workers compensation risk from guaranteed cost programs.  Under a guaranteed cost policy, an employer pays a “fixed” premium each year based on the company’s rating classifications and payrolls, the one element which can vary during the course of

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