Workers' Compensation Insurance in New York

New York State is renowned for its bustling cities, iconic landmarks — including the Statue of Liberty and Times Square — and natural wonders, such as Niagara Falls. It's also a hub for over 2 million small businesses. Finding the right workers' compensation insurance for your New York business can be challenging and time-consuming.

Our goal at Tivly is to simplify this process for you. Whether you operate a coffee shop in Brooklyn, a tech startup in Manhattan, or a landscaping service in Buffalo, we can help you find the perfect workers' compensation policy tailored to your needs.

Who Needs Workers' Compensation Insurance in New York?

New York requires nearly all businesses to have workers' compensation coverage. This requirement extends to:

Full-time employees
Part-time employees
Family members employed by the business
Independent contractors, if classified as employees under state law

Ensuring all workers are covered helps you adhere to compliance regulations and protects your business. Even if you hire independent contractors, you may need to provide coverage if the state determines they're employees under workers' compensation law.

New York Workers' Compensation Insurance Requirements

New York's workers' compensation requirements are comprehensive and designed to protect employees and employers. Key requirements include:

Coverage for all employees: This includes full-time employees, part-time employees, and family members employed by the business.
Prompt reporting: Employers must report workplace injuries within 10 days of the incident.
Record maintenance: Employers must maintain accurate records of workplace injuries and workers' compensation claims.
Compliance penalties: Failure to comply with workers' compensation requirements can result in substantial fines and legal consequences.

By adhering to these requirements, employers ensure workers receive necessary medical care and financial support following a workplace injury.

How Does Workers’ Compensation Work in New York?

When an employee suffers a workplace injury, the procedures for filing a claim for workers' compensation involve multiple steps:

Injury report: An injured worker must notify the employer and file a report within 30 days.
Claim filing: The employer files a workers' compensation claim with their insurance provider.
Medical bills coverage: The insurance pays for the injured worker's medical expenses.
Wage replacement: The injured worker receives a portion of their lost wages during recovery.
Disability benefits: If the injury leads to long-term or permanent disability, additional benefits may be provided.

This system ensures injured employees receive necessary medical care and financial support without incurring personal expenses.

Why Is Workers' Compensation Insurance Important?

Workers' compensation insurance is essential for employees and employers. Key benefits include:

Employee protection: Workers' compensation insurance covers medical bills and provides financial support during recovery from workplace injuries.
Employer protection: It helps manage the financial risks associated with workplace injuries and ensures compliance with New York's workers' compensation law.
Workplace safety: This insurance encourages a safe work environment by demonstrating a commitment to employee well-being.
Legal compliance: It helps businesses avoid penalties and legal issues associated with noncompliance.

A robust workers' compensation policy fosters a safe work environment and shows employees their well-being is a priority.

How Much Does Workers' Compensation Insurance Cost?

The cost of workers' compensation insurance in New York can vary widely based on several factors:

Industry type: High-risk industries, such as construction, typically pay higher premiums.
Number of employees: Companies with more employees generally pay higher premiums.
Claims history: Companies with frequent or severe claims may face higher costs.
Payroll size: Premiums are often calculated per $100 of payroll.
Safety record: Businesses with strong safety programs may qualify for lower rates.

On average, premiums can range from $2-$20 per $100 of payroll. Despite these costs, having workers' compensation insurance is a crucial investment for any business operating in New York.

Get a Free Quote for Workers' Compensation Insurance in New York

Finding the right workers' compensation insurance for your New York business doesn't have to be complicated. At Tivly, we help connect you with top insurance providers to find coverage tailored to your needs. Contact us today for a free quote, and ensure your business is protected against the risks of workplace injuries. Our expertise and network make it easy to find the right insurance at the right price.

Reviewed By: Andrea McKinney, MBA, Licensed Agent