Best Workers' Compensation Insurance in New York (2024)

MoneyGeek 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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:

5. Declare the condition or injury
6. Get medical assistance
7. Let your employer know
8. Send a claim
9. Get involved in the claims process
10. 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.

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.