Best NY Workers’ Compensation Insurance

• Zurich
• Best for Tailored Coverage: Simply Business
• #1 Provider of Workers’ Comp for Small Businesses: Hartford
• Industry-Specific Specialized Protections: Liberty Mutual
• Best for Staying Compliant With State and Federal Regulations: biBERK

Workers’ compensation insurance helps protect employees who face workplace injury. It can also protect your company from paying hefty fees in insurance claims and lawsuits. This type of insurance covers the expenses of a workplace injury, from employee health care bills and loss of wages to employer legal fees. Because these policies can cover medical care care, death benefits and actual payroll, they can be a powerful form of support for your team and your business.

This guide walks you through everything you need to know as an employer about workers’ comp insurance in New York. It explains the laws, costs and benefits associated with workers’ comp insurance and reviews the top NY workers’ compensation insurance.

Get Started

Coverage in Minutes

Looking for Coverage? You're just a few clicks away from a custom quote for your business with The Hartford.

Get Started

Best NY Workers’ Compensation Insurance

Now that you understand how workers’ comp insurance plans work in New York, you’re ready to start comparing carriers. We’ve highlighted the top 5 providers in the Empire State and grouped them into categories to help you find the perfect fit.

1. Zurich

Zurich is a well-known name in the insurance world, offering a variety of liability services, as well as workers’ compensation coverage. This insurance provider has affordable coverage options available for companies with more than 100 employees, offers stopgap coverage to get your employees the money they need right away and offers risk mitigation services to help prevent or reduce the severity of workplace injuries.

Large companies with other insurance needs like management risk, builders risk, accident and professional liability coverage can combine all of their plans into one with Zurich.

2. Simply Business: Best for Tailored Coverage

Simply Business offers a comprehensive suite of business insurance that specializes in making it easy to insure your business. 

Whether you’re looking for construction workers' insurance or insurance for your startup, Simply Business helps you find the right coverage at the right price. 

Tell Simply Business a little bit about your business and you'll get almost-instantaneous affordable quotes from top insurance providers. You can look into workers’ comp insurance that will cover everyone on your team, and you can get covered in accordance with New York law without overspending. 

Building your business is hard enough. Let Simply Business make it easier. Get a quote from Simply Business today.

3. Hartford

If you’re a small to mid-size business in New York looking for the best rates and service for workers comp policies, you’ll want to check out the Hartford. The Hartford is a top-rated commercial insurance carrier, offering services like workers’ comp and liability.

It offers many inclusion services, like stopgap coverage, voluntary compensation and extended injury reporting (allowing work accidents to be reported in 60 days, instead of the standard 30). This carrier can best accommodate the needs of administrative businesses like offices. It also offers discounts for bundling insurance packages.

4. Liberty Mutual

Liberty Mutual has a distinct advantage over many other large insurance companies — local service. With local agents all across New York, your company will be matched with an insurance partner designed to help meet your specific needs.

It will also work with your company on risk assessment and preventive measures to make your company a safer work environment. This insurance company has a high consumer rating and offers services best for large, low-risk companies, like retail shops or accounting offices.

5. biBERK

Owned by Berkshire Hathaway, biBerk is an online insurance provider designed to meet your company’s specific insurance needs. With a 3-step coverage process, your company can purchase workers’ compensation insurance quickly and easily.

Depending on your industry and location, you might even receive a 20% discount by purchasing workers’ comp insurance online. This insurance provider is well known for its simple application process and high level of service, but rates may be slightly too high for some small business owners.

In New York, it is almost always required that companies obtain workers’ compensation insurance to protect themselves and their employees, both full time and part time. Workers’ compensation insurance is no-fault insurance that will cover both parties during most workplace accidents.

Not all workplace accidents are covered by workers’ comp insurance. Here are a few examples of injuries your insurance plan won’t pay for:

• Injuries while commuting to or from work
• Injuries obtained offsite
• Injuries caused by the use of illegal substances

Here are a few important statistics to consider about workplace injuries in New York:

Workers’ comp insurance is mandatory in New York. Here are some quick facts: 

• Number of fatal injuries annually: In the United States, 5,190 workers died due to work-related injuries in 2016. In New York, 272 workers died due to occupational injuries.
• Employers cost per $100 of covered payroll: The cost for employers per $100 of covered payroll in 2016 in New York was $1.50.
• National ranking (1= largest % increase from 2012-2016): New York ranks 9th in the country for the largest percentage of increase in the cost of workers’ compensation insurance.
• Low rate per $100 in payroll: The low rate per $100 in payroll for clerical employees in New York is $0.07.
• High rate per $100 in payroll: The high rate per $100 in payroll for labor employees in New York is $29.93.

Workers’ compensation insurance is a type of insurance coverage purchased by businesses to protect employees. This insurance offers protection against expenses relating to healthcare, rehabilitation, disability (short- and long-term) and fatalities caused by workplace injuries. Workers’ compensation benefits, then, are even more powerful than health insurance in most cases.

In New York, workers’ compensation insurance is mandatory for all businesses to provide to their employees, with a few exceptions. Employers without workers’ comp insurance in the Empire State can be fined a penalty fee of $2,000 per 10 days of noncompliance, along with being charged for the full amount of an employee’s work-related injury expenses. Additional noncompliance charges may apply, as well.

Although workers’ comp insurance is generally mandatory, there are a few exceptions to this rule. Sole proprietors or business partners without employees are not required to purchase workers’ comp insurance but can purchase it for themselves if they choose. If you begin to hire employees, however, this purchase becomes mandatory.

New York is a no-fault insurance state, which means that when an accident occurs, the employee will still receive their benefits regardless of who is at fault. Therefore, workers’ compensation policies are designed to help both parties without parsing blame or adjusting losses. Most insurance companies require employees to report workers’ comp accidents within 30 days, though some extend the window to 60 days. An employee claim or C3 form will be filled out when an accident is reported.

go here

Featured Provider: biBERK

biBERK takes the middleman out of the fray so you get insurance straight from the source. You’ll likely save up to 20% on costs. Plus, you’ll save time from the get-go with its easy online quote tool and claims process.

go here

Employer Cost for Workers Compensation

When deciding on workers’ compensation insurance, you’ll likely be focused on price. It’s important however to balance your workers’ needs with your own budget before simply settling on the most affordable insurance option. Be sure to thoroughly research your coverage options and compare plans before making a decision.

The price of workers’ compensation in New York is the highest in the country. Prices will vary depending on your industry. While most states use the National Council on Compensation Insurance (NCCI) to determine rates and review workplace data, New York uses its own rating board — the New York Compensation Insurance Rating Board.

Let’s look at what you can expect to pay for your workers’ comp insurance using the data below. Please note, this table assumes you have at least 5 employees and pay a state fee of $250.

This section assumes the employer has 5 employees and the Experience Modifier is 1.

go here

Featured Provider: Progressive

Progressive offers one-stop shopping for workers’ compensation insurance through their Progressive Advantage Business Program.

go here

When an employee receives workers’ comp, there are 4 main types of benefits they might be eligible for. They include:

1. Wage replacement benefits: This benefit allows workers to receive a portion of their salary if they’re unable to work due to an occupational injury or illness. Workers won’t receive their full wages, but will instead receive 2/3s of their previous gross salary. You must be unable to work for 7 days to claim this benefit.
2. Permanent partial disability benefits: Also known as a supplemental benefit, permanent partial disability benefits allow workers to obtain wages or a lump sum of money in the event of a serious injury in the workplace. In order to qualify, a worker’s doctor must show evidence that the injury will permanently impact a worker’s ability to perform their job long term.
3. Vocational rehabilitation benefits: When a worker is no longer able to work in their field of occupation due to an injury or illness, vocational rehabilitation benefits can help them obtain training for a new occupation. The money supplied by this benefit might cover training, job counseling or even trips to job fairs and interviews.
4. Medical benefits: New York workers are entitled to full medical benefits, as needed, under New York workers comp law. Medical benefits cover healthcare-related expenses, like hospital fees, doctor’s visits, prescriptions, physical and occupational therapy sessions, medical supplies and more. Injured workers may need to visit doctors covered in-network, based on their employer’s plan.

Find Affordable Workers Compensation in New York

Don’t put your employees’ safety at risk. Workers’ compensation is not only required by New York law, but it can provide the funds and reassurance your employees will depend on if a workplace accident were to occur. Shop around before selecting a workers’ compensation insurance plan to ensure you’re getting not only the best price but all of the coverage you need. Be sure to compare traditional insurance plans with online coverage.

Frequently Asked Questions