Workers Compensation Archives

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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Tags: workers comp, workers comp ny, workers compensation, workers compensation rates, workers compensation rates 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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Tags: workers comp, Workers Comp Insurance, Workers Comp New York, workers compensation, workers compensation insurance, workers compensation 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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Tags: NY workers compensation, workers comp, Workers Comp Insurance, Workers Comp New York, workers compensation NY

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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Tags: best quote, best workers compensation, Cheapest Workers Comp in NY, NY workers compensation, workers comp, Workers Comp Insurance, Workers Comp New York, workers compensation, workers compensation NY

  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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Tags: indirect loss costs, TCOR, workers compensation

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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Tags: alternate employer endorsement, staffing firm, workers compensation

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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Tags: employee, independent contractor, workers comp

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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Tags: high-deductible workers comp, Loss sensitive rating plans, workers comp

Workers compensation is often the biggest insurance pain point for manufacturers and other mid-market employers in New York.  Rates are high, a company with “average” claims experience will usually have an elevated experience rating modifier, and there seems to be a perverse element in the workers compensation system that keeps employees out on workers comp longer

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Tags: risk management, safety, workers comp, workers compensation

As its name denotes, a high deductible workers comp policy or program is a method of insuring workers compensation risk with the employer assuming some of that risk in a deductible of $100,000, $250,000 or even higher per claim, and an insurer taking the remaining risk on. These types of policies are reserved for larger employers

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Tags: high-deductible workers comp, worker compensation insurance, workers comp