As you know, all employers are required by the state to provide Workers Compensation for their employees in New York. This coverage, in the simplest of terms, is coverage for your employees if they are injured on the job. These injuries can be caused by severe accidents like falling from height, or they can be caused over time by smaller things like typing and creating carpal tunnel syndrome. The premiums are calculated based on the nature of your work and the amount of payroll in each job description.
And, while the rates are set by the New York Bureau, the premium you pay stemming from those rates can be adjusted three ways:
- The insurance companies can adjust the premium by debiting or crediting the rates depending on the class of business
- The experience modifier established for your company that’s based on your claims experience
- The Workmans Comp premium audit that reviews payroll, employee and remuneration actually paid out during the year
Insurance Companies – The Gerard P. Smith Insurance Agency in Rochester represents many of the top rated carriers doing business in New York. We will recommend the best companies for you – companies that specialize in designing Workers Comp programs for your business. These carriers all have different “appetites” and are strong in different areas. We will work with you to find the best possible option to protect you and your employees.
Experience Modification – This factor is determined by the claims your business has submitted and the company has paid out. We can work with you to develop an accurate and favorable experience modification factor. This can include, but is not limited to, having loss control visits at your place of business, recommending OSHA training courses, and putting work safety programs in place.
Premium Audit – The most important thing here is to make sure that you keep accurate records of your wages, including overtime. For example, the time and a half portion of overtime is excluded from the wages. The wages make up the basis for your premium charges. We can stay on top of your wages and adjust your policy throughout the year so that you don’t have to worry about a large audit. We are also able to team up with your payroll company (some payroll companies don’t apply) to offer you a pay-as-you-go solution. Also, did you know that you, as the owner, may be able to exclude yourself from coverage and save some premium dollars? It’s important to keep track of your own payroll for just that reason!
Gerard P. Smith Insurance Agency – Your Workers Compensation Solution
The Gerard P. Smith Insurance Agency is local to the Rochester area. As a strong independent agent, we represent several top rated insurance companies who offer monoline or packaged Workmans Comp insurance policies for local businesses. We can help you obtain the best premium for your coverage. We are a local business, so we know what local businesses need! Allow our team of seasoned agents to walk you through the details of Workers Comp and help you to move forward with your business protection.
In fact, we’ll help you design your entire business insurance portfolio complete with all of the coverage. Our agency is also able to help with your general liability, commercial auto insurance, New York State Disability insurance, property insurance, inland marine insurance, professional liability insurance and much more.
Contact us for a free consultation regarding the Workmans Comp insurance options that best suit your business or simply fill out the free quote form at the top of this page or simply give us a call at 585-872-5700. We are looking forward to working with you and becoming a part of your team!