WORKERS’ COMPENSATION INSURANCE

Turn to our agency for comprehensive workers’ compensation insurance. Regardless of who is at fault, this insurance is meant to protect employees who get hurt or contract a disease related to their line of work. Its goal is to ensure that injured workers receive medical attention and compensation for missed income while shielding employers from claims made by injured workers.

With few exceptions, businesses with employees are required in New York to provide workers' compensation insurance (or obtain self-insurance) and can be fined by the state for failing to do so. Notable exceptions exist for sole proprietorships and partnerships without employees and businesses that exclusively employ independent contractors who carry their own insurance.

At their most basic level, workers' compensation premiums are determined by the employer's payroll and industry classification code. Based on the loss costs and risk level associated with each industry or occupation, the New York State Workers Compensation Rating Board assigns a rate to each classification code.

The rate is multiplied per $100 of associated payroll, and the resulting premium can then be adjusted based on an employer’s loss experience and any credits or debits. The formula is intended to reduce premiums for businesses that experience less frequent or more severe claims than the average employer in the same sector.

PITTSFORD INSURANCE AGENCY is partnered with many of the industry's highest-rated workers’ compensation carriers. We have the expertise to do a thorough top-down analysis of your business and find flaws and weaknesses in your current policy. Together, we will look for ways to lower your yearly premium through correct classification, payroll analysis, use of available credits, and risk management.