NYC Workers Compensation Insurance
KJE Insurance can help you reduce New York and New Jersey workers compensation rates for your small business.
Workers compensation typically covers:
- The employee’s medical expenses such as hospital stays, X-rays and surgeries
- Physical therapy when on-going treatment is needed
- Lost wages when an employee needs to take time away from the job to recover from a work-related injury or a work-related illness
- Funeral costs if an employee dies from a work-related injury or illness
Companies that are proactive about safety reduce workers compensation costs.
Workers compensation insurance protects employers from lawsuits resulting from workplace accidents. It also helps control the financial risks for employers since many states limit the amount an injured employee can recover from an employer.
Insurance carriers review your claims history to determine rates.
Your experience modification factor (EMF) predicts potential losses by comparing your claims history against other companies in the same industry. Your annual payroll also determines your workers compensation insurance cost.
Past workers compensation claims result in higher workers compensation premiums.
The number of claims and how serious they are will be affect how much you pay each year, so prevention is important to control costs.
It is critical for employers to make sure this information is accurate and that employees are classified correctly.
The occupation classes of your employees determine premiums for workers compensation insurance. Having employees misclassified can result in paying excessive premiums.
A secretary does not face the same risk as a construction worker. When it comes to workers comp, businesses like construction are riskier for claims and thus have higher premiums. We work with you to make sure the classification information you provide for workers compensation is done properly.
Workers comp insurance premiums are charged based on every $100 of your company’s payroll. In New York the average is 7 cents per $100 payroll for low risk and $29.93 per $100 payroll for high risk. That is why classifying your employees properly is important to keep your rates down.
We specialize in the NJ, NYC, and Long Island business insurance including workers compensation. Contact KJE for help getting the right coverage for your small business. We can help you reduce your workers compensation rates.
Prevention is the one of the best ways to reduce workers compensation rates for your small business.
Some carriers will help employers identify workplace hazards and implement measures to prevent them.
Employers can avoid workplace injuries by creating a safe work environment.
On-the-job accidents happen when employees do not follow safety procedures. Hiring qualified workers and training new hires improves safety. Teaching your employees how to perform simple tasks on the job can help to prevent accidents and injuries. It is also helpful to encourage your employees to identify potential hazards and report them.
Sprains and strain from tasks such as heavy lifting cause about 30% of workers compensation cases according to The Hartford Insurance Company. For example, employees who move heavy objects or healthcare workers lifting patients can experience strains and sprains that can lead to workers compensation claims and lost work time.
Proper training and equipment can help prevent strains and sprains.
Having up-to-date personal protective equipment (PPE) helps prevent employee injuries and keeps them productive on the job.
Building maintenance also helps reduce potential employee accidents and injuries. The second-highest cause of workers compensation claims is slips and falls, making up 27% of workers compensation claims, according to The Hartford. Maintaining a safe workplace and employee safety training can help prevent slips and falls.
Each state has its own state laws regarding workers compensation and these laws impact insurance premiums.
Laws vary from state to state, so we review your current coverage or information needed to obtain first time coverage. In New York if you have even one employee, you’re required to purchase workers’ compensation insurance. There are limited exceptions that can vary by state. These include if you are the only employee with no part-time, full-time, or contractor help. When we review your business, we identify if any of these or other exceptions apply to you.
Employers must follow state workers compensation regulations.
For example, the state of New York prohibits employers from asking employees to waive their rights to compensation. Employers cannot deduct money from wages to pay for workers’ compensation insurance premiums. Employers are also prohibited from firing or discriminating against employees who have filed claims for benefits.
Whether you have full-time, part-time or freelance employees, KJE Insurance will make sure that your workers compensation coverage is compliant with the law, all employees are properly classified, and you are getting the best rates.
We specialize in the NJ, NYC, and Long Island business insurance including workers compensation. Contact KJE Insurance for help getting the right coverage for your small business. We can help you reduce your workers compensation rates.