Workers Compensation for Janitorial Contractors in NY
Are you a janitorial contractor in NY looking for workers’ compensation insurance?
Finding it difficult to get workers comp on your building maintenance business?
Are the rates for class codes 9026, 9027, and 9028 in NY for workers comp high?
If you answered yes to any of these questions, then stick around, I’m going to specifically address them in this video and post.
Okay, janitorial contracting, building maintenance, or workers comp class codes 9026, 0927, 9028.
These operations have a moderately high workers’ compensation base rate or loss cost in New York in 2022 that’s $4.06 for commercial buildings, $12.31 for mixed commercial and residential contractors, and $3.03 for residential contractors.
The more employees you have, the higher your payroll and you can be paying some significant workers comp premiums, so what do you do to find the best workers compensation program for janitorial services?
First, let’s start with understanding what workers comp is and why you need it.
Workers comp insurance protects your employees from on-the-job injuries.
It’s there to pay for the medical bills that are incurred following an injury and to pay a portion of lost wages while an employee is unable to work due to that injury.
Premiums for workers’ compensation are based on a few factors.
I go deep into that in this video: How are workers comp premiums calculated.
In a basic sense though the premium calculation is the total payroll by class code times the base rate published by the state for that class code times the insurance company’s specific loss cost multiplier.
There are other rating factors that influence the final premium you pay and a lot of that is based on your claims history.
Okay with that out of the way let’s talk about
How do you get the best deal on workers’ compensation for janitorial contractors?
A lot of websites are going to tell you that if you fill in a form they’ll get you the lowest quote or they’ll shop the market for you, but the truth is that is a rather imperfect way of going about getting workers comp insurance.
To me, I think the best way to go about it is by engaging an expert who has broad access to the marketplace –
Meaning they represent the best workers comp insurers and programs.
They are truly experts in workers comp and can negotiate the best deal based on your particular circumstances.
They are knowledgeable about risk management and safety and can help you control your claims – which is the #1 factor in getting the best premiums.
And, finally, they are approachable, likable, and willing to work hard to earn your business.
Fortunately, The Coyle Group does all those things and more to help you make the best decisions when it comes to business insurance, not just workers comp for your janitorial business.
Here’s what we’re looking for when it comes to building maintenance or janitorial service accounts.
- At least 3 years of insured experience
and - A minimum premium of $10,000
We set these minimum guidelines because most of the top-tier insurers are looking for these minimum guidelines to engage.
Have a very large contracting business and pay over $250,000 in workers comp premiums?
Then I’d ask if you’ve considered a high deductible plan?
That may be a good option to explore as well, and I’d be happy to speak to you about that as well.
Besides workers’ compensation, we can assist you with general liability, commercial auto, umbrella, bonds, and more.
Just give me a call or drop me an email and let’s start a conversation.
I’m here to answer your questions and provide you with guidance without pressure or sales gimmicks.
Thanks!
