Iron workers in New York have specific classification codes assigned to tasks that employees perform while on the job. Understanding workers compensation insurance class codes goes a long way in helping you to ensure your business reports payroll accurately and pays the right premiums for your coverage.
What Determines My NY Workers Comp Premiums?
The Rating Bureau in New York determines base rates and insurance companies base the premiums on 3 main factors:
Employee class codes: with more than 700 classifications, these wc class codes determine the base premium rate for your policy.
Experience modification factor: calculation that considers your company’s claims history in relation to other businesses in the industry. The ex-mod may decrease or increase base rates.
Company payroll: your employee payroll is multiplied by the ex-mod and base rate to determine the premiums you pay for workers compensation insurance.
There are multiple worker comp class codes related to iron work, smelting and refining. The following NY class codes apply to payroll of employees that perform the tasks related to the class description.
Base Rates as of October 2015 for Iron-Related Classification Codes
3004 Iron or Steel Making and Drivers: $7.43
3018 Iron or Steel Rolling Mill and Drivers: $12.48
3028 Pipe/Tube Manufacturing of Iron/Steel and Drivers (not including cast iron): $10.42
3030 Iron or Steel Works Structural Shop and Drivers: $9.81
3040 Iron or Steel Works Ornamental Shop and Drivers: $10.74
3041 Iron or Steel Decorative or Artistic Shops and Foundries as well as Drivers: $6.44
3081 Ship Building Iron Foundry: $14.16
3241 Wire Drawing Iron or Steel: $6.81
5057 Iron or Steel Erection: $17.47
5059 Iron or Steel Erection of Frame Structure not over 2 Stories High: $35.51
5069 Iron or Steel Erection for Dwelling Construction not over 2 Stories High: $53.21
8106 Iron or Steel Merchant and Drivers: $8.39
8265 Iron or Steel Scrap Dealer and Drivers: $11.82
If you are unsure about your WC class code assignment for your iron or steel business, give us a call or send an email. We offer free policy review or help with new policies so that your employee payroll is classified correctly.