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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More
There are multiple facets to managing worker injury claims, but one of the most important which is not found in any claim filing instructions are managing expectations through compassionate communications. It may seem odd to think about compassion in a business sense, but take a step back and think of the injured worker for a … Read More
Employer’s Liability = Protection from Lawsuits Most employers are familiar with their worker’s compensation insurance, it is a mandatory form of coverage in New York when you have employees. But the policy is actually separated into two parts. Part One covers the statutory obligations the employer has to protect workers when they are injured on … Read More
Hi, I’m Gordon Coyle and today we’re going to talk about The Executive Officer Exclusion in the New York Workers Compensation Policy Okay, that’s a long title, but this is important. In New York and in most other states employers have the option to exclude themselves from workers compensation. Typically if your company is a … Read More
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