Worker’s compensation is essential to help protect businesses and their employees, as well as being required by law in New York. Unfortunately, many companies find that worker’s compensation insurance represents a significant cost, a problem which is only exacerbated by the current economy. Fortunately, there are ways to find a quality New York State workers compensation program.
Many companies find it difficult to get a worker’s compensation program that really fits them; it may provide unnecessary services or insufficient coverage. Often, agents or brokers might struggle to find the right market or carrier. However, they can partner with a managing general agent to help locate the best program. A good insurance provider should work with their clients, designing a program that can help them get the maximum coverage without the high costs.
Types of Programs
In addition, there are a number of great programs to look out for. A guaranteed cost plan bases premiums off of payroll and specific classifications codes. The client pays a standard premium even if losses are higher than that amount. Another option is a large deductible plan, in which the insured is responsible for paying a certain amount of a loss. This not only leads to lower premiums, but provides incentives to make a workplace safer.
Worker’s compensation can represent a significant expense, but it doesn’t have to. With the right broker and carrier, New York State workers compensation can be both affordable and secure.