Cheap Workers Compensation Insurance Quotes New York




Every business in New York is required to obtain workers compensation insurance for their employees. It is required by the state law to offer protection to employees in the event of injury or illness (as well as death). Find out what factors can affect the cost of coverage to help you compare the price of the policy to suit your needs, as well as that of your employees.

Cheap Workers Compensation Insurance

Who needs to obtain workers compensation insurance in New York?

New York state laws require all types of business to obtain workers comp insurance. According to New York law, there are very limited instances wherein business owners are exempt from obtaining this type of insurance, such as the following:

  • If you are self employed or your business has no employees
  • If you are a sole proprietor on your business
  • If the business is owned by one or two people with no additional employees

If you do not fall under any of the above categories and are required by law to obtain coverage, it is vital that you post notices about the policy to your employees. The notice must provide contact information about the policy and its insurance providers.

This particular insurance requirement for qualified businesses is monitored and regulated by the New York Worker’s Compensation Board. This board has offices in various cities like Albany, Brooklyn, Queens, Manhattan, Syracuse, Rochester, Binghamton, Buffalo, and Long Island.

What are the rates for workers comp insurance in New York?

The actual cost of workers compensation insurance policy will vary based on numerous variables. Keep in mind that there are other factors that affect the actual price of the policy outside of the premium.

Before you look for cheap workers compensation insurance, you must first consider the worker’s class codes. This classification puts ratings on your employees’ nature of job and the associated risks. Therefore, it is the primary factor used by insurance companies to calculate insurance cost based on the existing risks.

The number of employees and the payroll size, along with your company’s claims history, can affect the final quoted price on your insurance policy.

Cheap Workers Compensation Insurance

New York Workers Compensation Insurance Requirements

It’s not enough that you search for affordable coverage for your employees; it is important that you meet the minimum coverage requirements set by the state law.

A typical insurance coverage must include the following benefits:

  • Medical expenses for injury or illness
  • Rehabilitation for repetitive stress injuries
  • Lost wages
  • Ongoing medical treatment and rehabilitation
  • Disability benefits
  • Funeral benefits

Failure to obtain this insurance policy for your employees can mean penalties for your business. According to the New York State Worker’s Compensation Board, you can get a fine of $1,000 to $5,000 if you fail to obtain a workers comp insurance policy for employees within a 1-year period. If you have more than 5 employees, this becomes a felony violation and you can get a fine of up to $50,000.

If you misrepresent the number of your employees and the payroll size, you could be subject to criminal and civil prosecution. The penalty is anywhere from $1,000 to $50,000 for every day of non-compliance.



Cheap Workers Compensation Insurance Quotes Near Me


Cheap Workers Compensation Insurance Quotes New York


Best Workers Compensation Insurance Companies

Workers Compensation Insurance

9818 4th Ave suite 105, Brooklyn, NY 11209

(718) 770-3912

https://www.gmilife.com/workers-compensation-coverage/

Brooklyn Workers Compensation Insurance

7219 18th Ave, Brooklyn, NY 11204

(718) 232-6464

http://www.nyworkerscompinsurance.com/contact-us.html

New York Compensation Insurance Rating Board

733 3rd Ave 5th floor, New York, NY 10017

(212) 697-3535

https://www.nycirb.org/

Enforce Coverage Group LLC

1 Pennsylvania Plaza, New York, NY 10119

(212) 947-4298

https://enforce-coverage-group.business.site/

Workers Compensation Claim Office

2 Park Ave #7, New York, NY 10016

(800) 327-3636

No website found

New York State Insurance Fund - Headquarters

Mailing Address Only:, 199 Church St, New York, NY 10007

(212) 312-9000

http://www.nysif.com/

New York Workers’ Compensation Board

111 Livingston St, Brooklyn, NY 11201

(877) 632-4996

http://www.wcb.ny.gov/

Workers Compensation Staten Island

109 New Dorp Plaza suite 104, Staten Island, NY 10306

(917) 920-6090

http://workerscompensationny.com/