As you know, all employers have to provide Workers Compensation insurance for their employees in New York.
And while the rates are set by the New York Bureau, the premium you pay stemming from those rates can be adjusted three ways:
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The insurance companies can adjust the premium by debiting or crediting the rates depending on the class of business
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The experience modifier established for your company that’s based on your claims experience
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The Workers Compensation 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 insurance programs for your business.
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.
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.
Gerard P. Smith Insurance Agency- Rochester Workers Compensation Insurance Professional
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 workers compensation insurance policies for Rochester area businesses. We can help you obtain the best premium for your workers compensation insurance.
In fact, we’ll help you design your entire business insurance portfolio complete with all of the workers compensation coverage.
Contact us for a free consultation regarding the workers compensation insurance options that best suit your business or simply fill out the free quote form at the top of this page.