The Workers Compensation New York Guide

New York workers comp insurance has a storied past and a provocative present. New York was the first state to adopt workers compensation insurance. In fact, the origins of the movement to protect and compensate workers for on-the-job injuries and illnesses can be traced back to the infamous Triangle Shirtwaist Company fire of 1911, which killed 146 workers in New York City.

New York workers comp insurance is known for being expensive and difficult to manage, particularly for construction contractors operating in New York City. Small businesses also have a hard time navigating New York’s constantly changing labor laws, and most people are surprised to learn that small businesses makeup 98% of New York businesses.

Many of these contractors and small businesses end up in the state fund—the New York State Insurance Fund (NYSIF), the largest writer of workers comp in the state and the sixth largest in the nation, according to the National Association of Insurance Commissioners. While the NYSIF can be competitive on rate for certain classes of business, employers who purchase workers comp from them can find themselves with little flexibility and support when it comes to safety management and keeping workers comp costs predictable and contained.

The Workers Compensation New York Guide<