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New York's average cost for workers' compensation coverage should be relatively flat in 2024. A recent study conducted by the Department of Consumer Affairs indicates that New York is currently the 4th highest state, on average, for workers' comp rates. NY was number 5th most expensive state in 2016. It ranked 2nd in 2020. NY Rates are about 69% higher than the national median. However, he state is getting more competivie as more carriers enter the state and competition increases.
The workers' compensation system in NY is administered by NYCIRB. New York is a Loss Cost state which means that the NY Rating Board issues new manual rates for workers' compensation each year (Usually around October 1st). Every insurance carrier must utilize these manual rates to develop premium. However, many of our insurance company partners offer additional policy discounts and premium credits up to 25% for our New York policyholders.
Don't pay too much for your workers' comp coverage. Our agents will find the best deal for your workers' comp coverage. Our technology tracks carrier rates by state and compares their pricing in real-time. Find out how knowledegeable agents, better advice and more options lead to lower rates and a better price.
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What influences my workers comp insurance cost?
Insurance companies file their "base manual rates" for approval with each state for all class codes. Rate recommendations are generally made to the state and carriers annually by the National Council on Compensation Insurance.
Employee claims are reported to NCCI and statistically compared with all other similar type businesses using the same class code in each state. An Experience Modification Rate may apply to your business after a few years of coverage.
Insurance company underwriters are permitted to make premium rate adjustments based on unique factors about your business, safety practices, and management experience in most states.
Insurance companies may apply policy credits and debits to the base manual rates. Additional discounts can be applied to premium as the total payroll & premium increases.
Smart Agents with expertise in workers' compensation insurance utilize this information to negotiate your insurance rates with underwriters. A good narrative about your business helps insurance companies justify a better price.
Rates for State Class Codes. Select Codes Listed:
New York workers' compensation rates listed below represent the current lowest and highest insurance rates we've found for 2024. New York rates are set by the New York Workers' Compensation Board and New York State Insurance Department. Insurance companies may be able to offer discounts and credits on policies in NY. We offer Pay As You Go workers' compensation in New York. Not all employers will qualify for the lowest rates available or maximum policy credits. Compare your workers compensation rates with over 35 insurance carriers.
New York workers' comp rates vary by industry class codes and insurance company underwriting standards. Employers' who have an Experience Modification Rating (E-MOD or EMR Rating) assigned to their company may have additional credits or debits applied to their insurance rates based on prior premiums and workers' compensation loss experience. The New York State Fund is managed by The State Insurance Fund (SIF).
State Resources for New York
New York Compensation Insurance Rating Board
200 East 42nd StreetNew York, NY 10017212-697-3535 NYCIRB
New York State Insurance Department
Rockefeller Empire State Plaza Agency Building One Albany, NY 12257 Department of Financial Services
New York State Workers' Compensation Board
20 Park StreetAlbany, NY 12207 518-474-6670 NY Workers Compensation Board
New York State Insurance Fund- SIF
1 Watervliet Ave Ext.Albany, NY 12206 518-437-6400 NYSIF
New York is not an NCCI as they are under the jurisdiction of NYCIRB. The state has its own State Insurance Fund (SIF) which is a non-profit agency that operates separately from other state workers comp agencies.
The New York State Fund (SIF) is the insurance carrier of last resort in NY and must provide access to legally required workers compensation coverage to all employers in New York. The may only deny coverage if an employer owes a previous balance.
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