What Business Owners Must Know About Workers’ Compensation
Advice from New York State about purchasing Workers Compensation Insurance.
- Do I have to buy my Workers Compensation insurance from the New York State Insurance Fund?
- Are all Workers Compensation premiums are the same?
- I do not have any payroll and I am being required to get Workers Compensation Insurance, what can I do? The number 1 most FAQ!
- How can DRickard Insurance help me with Workers Compensation Insurance?
Do I have to buy my Workers Compensation insurance from the New York State Insurance Fund?
Answer: No, in fact, we have many insured Workers Compensation Insurance solutions for hundreds of types of businesses that do not involve NYSIF at all.
Are all Workers Compensation premiums are the same?
Answer: No, Workers Compensation premiums are not the same. Therefore it pays to shop for the best prices and options to fit your needs. Contact us at 607-843-8860 or insurance@drickardinsurance.com so we may help find you a good match from the many insurers that we have found that offer Workers Compensation Insurance alternatives to NYSIF.
I do not have any payroll and I am being required to get Workers Compensation Insurance, what can I do?
Answer: This is not a rare occurrence and there are a few solutions to this situation. We will only focus on the insurance solutions. However, we no longer have an insurer that will issue an if any certificate only policy. So, a solution is to buy workers compensation insurance on the sole proprietor, only worker in the company. The NYSIF is one source for this kind of coverage. We do charge a fee for working with NYSIF. Please contact us for more details at 607-843-8860 or insurance@drickardinsurance.com.
How can DRickard Insurance help me with Workers Compensation Insurance?
Answer: Some of the ways we may help you are:
- Representing you to the New York State Insurance Fund as your insurance broker
- Seeing if your business qualifies to be insured for workers compensation by one or more of the many insures we have access to or are an agent for.
- Finding the billing plan that fits you best. Such as "pay as you go" billing that allows you to make smaller, more frequent payments that are based on actual payroll as reported by your payroll company and not an estimate. This eliminates large down payments, improves your cash flow and minimizes surprises.
- We may work with your payroll service to help them qualify as a certified payroll company so they may help you qualify for a "pay as you go" billing plan.
- Help you find fully insured safety plans of affinity groups for businesses like yours that have the possibility of paying dividends back to its members. (Not all business types have affinity groups with this benefit.) Choosing fully insured solutions help you to avoid joint and several liability issues.
We may be able to help you with any class of occupation with Workers Compensation Insurance. Acting as an insurance broker we may help you set up or manage a policy with the New York State Insurance Fund (NYSIF), we do charge a fee to do this.
When ever possible we try to find Workers Compensation Insurance solutions that do not involve NYSIF. There are many opportunities not involving the fund. Here is a partial list, if you don't find the business you are looking for here call us we might still be able to help you. There are many different rules from insurer to insurer so even if you do see you business class in this list call us for the rules and details for acquiring this state mandated coverage. (Remember to as an employer in New York State you will also need NYS DBL and Unemployment insurance, these are separate from Workers Compensation.)
Call us for Worker's Compensation Insurance premium savings ideas at 607-843-8860.