Best Workers'CompensationNew YorkMoneyGeek examined costs, financial stability, client satisfaction and the ease of obtaining quotes online to determine the best workers' compensation insurance in New York. Nationwide ranked as the top insurer for workers’ comp insurance in the state.
To protect themselves from monetary and legal liabilities, employers can get workers' compensation insurance. This insurance will cover any lost wages, medical costs and even legal fees in the event that an employee is hurt or falls ill.
Best Workers'CompensationNew YorkBest Workers’ Compensation Insurance in New York
Best Overall in New York - Nationwide
Cheapest in New York - Nationwide
Best for Micro Businesses - Nationwide
Best for Midsize Businesses - Nationwide
Best Workers’ Compensation Insurance in New York
Based on our research, Nationwide offers the best worker's compensation insurance in New York. It earned a MoneyGeek score of 96 out of 100 and costs around $126 annually. However, the best insurer for you could change based on factors that are unique to your business.
How was this MoneyGeek score calculated?
1
NationwideBest Overall in New York
Score:96
- Most affordable monthly average of $126
- Outstanding customer service
- Good financial stability rating
More About Nationwide
Nationwide is the best insurer for workers' compensation insurance in New York. Compared to the other insurers we looked at, its insurance prices are the lowest. On average, businesses spend $126 each month on insurance.
This insurer has a strong track record of financial stability and few customer complaints. However, it takes an average of three minutes and a half to complete, which is substantially slower than the other insurers we evaluated.
2
Thimble
Score:90
- Has an average rate of $191 per month
- Fast quote process
- Good financial stability rating
More About Thimble
For business owners in New York, Thimble offers the second-best workers' compensation insurance. Businesses pay approximately $191 monthly for coverage, the second-cheapest rate in the state.
When you are looking to compare options, Thimble can give prospective business owners a quote in less than a minute. It also offers good financial stability for paying out claims. However, since it receives more customer complaints than other companies, its customer service is not the best available.
3
biBERK
Score:89
- Monthly rates average $296
- Strong financial stability score
- Quick online quote process
More About biBERK
biBERK has earned a solid reputation as a provider of workers' compensation insurance for owners of businesses in New York. biBERK's prices are not the most affordable in the state, coming in at an average monthly cost of $296. However, this insurer is the best choice if you're seeking a company with a high financial stability rating from AM Best.
Additionally, the insurance company's general level of customer service is good, as seen by the minimal number of complaints from customers. The average quote time is one minute and 26 seconds, which is a little longer than our runner-up.
Cheapest Workers’ Compensation Insurance in New York
With a monthly rate of $126, Nationwide offers workers' compensation insurance at the most affordable rates in New York. This rate is for companies with a staff of 20 and $1,250,000 in yearly payroll costs. Insurance rates are significantly impacted by payroll and employee count.
Nationwide
For businesses with 20 staff members and annual payroll spending of $1,250,000, Nationwide is our top recommendation for cheap workers' compensation insurance in New York, with an average rate of just $126 per month, or $1,511 annually.
Nationwide workers' compensation insurance is the best choice for business owners who have just started out and need to save money on operating costs or need reasonably priced coverage. However, if you are currently performing comparison shopping, its lengthy online quote process could be a deterrent.
To determine which insurance provider had the lowest monthly rates, we evaluated them according to their average monthly premiums, as shown in the table below. Remember that the ideal choice for your business may depend on other factors.
Best Workers’ Compensation Insurance for Micro Businesses in New York
The top provider of workers' compensation insurance in New York is Nationwide, with an average rate of $44 per month for businesses with five or fewer workers.
Although payroll is typically the biggest expense impacting premiums, the overall number of employees has an impact on workers' compensation insurance prices. We found the best workers' compensation for micro-enterprises in New York by comparing estimates for a company with a five-person workforce and yearly payroll expenses of $312,500.
Nationwide
Nationwide offers the best workers' compensation insurance for small-sized businesses in New York. Businesses with a five-person workforce and $312,500 in annual payroll expenses should anticipate paying $44 monthly or $527 annually for coverage with Nationwide. Of all the insurance companies we looked at, this premium is the least expensive.
This insurer also boasts low customer complaints, which is reflective of its effective customer service. Although Nationwide's online quote approach isn't the most efficient, clients can still get a quote in roughly three and a half minutes.
Best Workers’ Compensation Insurance for Midsize Businesses in New York
The best workers' compensation insurance for businesses with about 100 employees in New York is provided by Nationwide, with a monthly rate of $511.
Payroll expenses, along with the number of employees, are a major factor in workers' compensation insurance prices. To find the top option for midsize businesses in New York, we analyzed data for a business with a staff of 100 and $6,250,000 in yearly payroll expenses.
Nationwide
When it comes to offering workers' compensation insurance to mid-sized companies in New York, Nationwide fares better than other insurance companies. For companies with a staff of 100 and payroll expenses of $6,250,000, this option offers a monthly rate of $511 or $6,131 yearly.
Nationwide is also the cheapest option for medium-sized businesses in New York, despite the fact that it does not offer an efficient online quote service to those who are evaluating their options. However, for a company with more than 100 employees, its excellent customer service and solid financial status are desirable.
How Much Is Workers’ Compensation Insurance in New York?
For businesses in New York with 20 employees, the average monthly cost of workers' compensation insurance is $204. This is significantly higher than the comparable figure for the rest of the U.S., which is $168. Here are the policy limits we evaluated:
- $1 million total policy limit
- $1 million per employee limit
- $1 million per accident limit
The insurance coverage provides up to $1 million for an incident and $1 million for each worker, up to the $1 million total policy limit. However, you will be liable for covering any additional lost wages or any medical costs that the worker incurs.
The number of employees and yearly payroll are two important variables that affect insurance rates. The table below illustrates how the price of workers' compensation insurance in New York fluctuates depending on the total number of workers.
How was this cost calculated?
Factors That Impact Workers’ Compensation Costs in New York
Depending on the company's structure, workers' compensation insurance premiums can differ greatly. Some of the most common factors are the number of workers, payroll expenses, specific state restrictions, past claims and employee class code.
Payroll costs
The majority of insurance providers charge a set amount for every $100 of payroll. The rate is set at the state level and varies by industry. Businesses with higher-than-average payroll expenses generally pay a higher rate. Compared to the rest of the states, New York imposed a cost in 2022 that was higher at roughly $2.15 for every $100 of payroll.
Number of employees
Your insurance costs may vary greatly depending on the number of employees you hire. Many employees increase the likelihood of workplace illnesses or injuries. The cost of workers' compensation insurance could increase as a result of this heightened risk.
Employee class code
A worker's class code indicates the kind of work they conduct; examples include consultancy or construction. The cost for this class code is calculated for every $100 in payroll. If you are in a high-risk sector, like construction, your rates will probably be more expensive than those in a sector with fewer hazards.
Previous claims
Insurers consider past claims when determining prices. Businesses with previous records of claims are viewed as carrying a higher risk. Workers' compensation claims are fairly common in New York. The New York private sector recorded 125,500 nonfatal workplace illnesses and injuries in 2021, according to the U.S. Bureau of Labor Statistics (BLS). The BLS reported that over 2.6 million nonfatal occupational illnesses and injuries occurred in the private sector on a national average during that same year.
Do You Need Workers’ Compensation Insurance in New York?
Businesses with any number of employees in New York are required to have workers' compensation insurance in order to pay settlements for workers who get sick or hurt at work.
Some types of employers are exempt from having to get workers' compensation. Examples include particular types of relatives working for a family business, volunteers for specific charities, members of specific religious groups and specific farm workers.
WORKERS’ COMP PENALTIES IN NEW YORK
Employers who violate workers' compensation rules or who fail to give employees the legally needed workers' compensation insurance may be subject to a variety of fines and penalties in New York. These can include:
- Stop-work orders
- Administrative penalties
- Legal consequences
- Personal liability
- Denial of business benefits
What Does Workers’ Compensation Insurance Cover in New York?
The policyholder for workers' compensation insurance is the employer. This insurance provides several kinds of benefits to employees who get hurt or get ill while working, including:
- Medical expenses: Pays for reasonable and essential medical expenses associated with treating illnesses or injuries that occurred at work.
- Professional retraining: Workers' compensation may cover services for professional rehabilitation to help sick or wounded workers restore their skills to work.
- Disability benefits: These benefits often compensate for a portion of the lost pay while the worker is disabled.
The specific provisions of workers' compensation coverage may change based on the insurance plan, the type of injury or illness and other variables.
Workers’ Compensation Insurance Resources for Employees in New York
The New York State Workers' Compensation Board is a state agency that upholds workers' compensation legislation. It is in charge of making sure that regulations are followed, making it easier for injured workers to receive payments and settling arguments over claims.
The following steps can be used to submit a claim and receive benefits:
- Declare the condition or injury
- Get medical assistance
- Let your employer know
- Send a claim
- Get involved in the claims process
- Review and appeal
In New York, depending on the circumstances and the type of accident or illness, different procedures and legislation may be applicable when making a workers' compensation claim.
Frequently Asked Questions About Workers’ Compensation Insurance in New York
There are some considerations to think about when choosing the most reliable workers' compensation insurance provider in New York. Learn from answers to frequently asked questions workers’ comp.
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sources
- New York Workers’ Compensation Board. "Workers’ Compensation Board." Accessed May 31, 2023.
- Oregon.gov. "2022 Workers’ Compensation Premium Index Rates." Accessed May 31, 2023.
- U.S. Bureau of Labor Statistics. "Injuries, Illnesses and Fatalities: Latest Numbers." Accessed May 31, 2023.
- U.S. Bureau of Labor Statistics. "State Occupational Injuries, Illnesses and Fatalities." Accessed May 31, 2023.
- U.S. Department of Labor. "State Workers' Compensation Officials." Accessed May 31, 2023.