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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.
A Workers’ Compensation Policy Generally Includes:
- Medical treatment for on-the-job injury or illness.
- Temporary disability payments to the employee for lost wages.
- Compensation for permanent injuries to an employee.
- A death benefit for the employee’s survivors in the event of a fatal injury.
- Legal representation for the employer provided by the insurance carrier.
- Protection for employers against most lawsuits for on-the-job injuries.
Do I Need to Buy Workers’ Compensation Insurance?
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.
How Are Workers’ Compensation Premiums Determined?
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.
Let Our Experience Work for You
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.