When you’re shopping for New York workers comp insurance, it can be challenging to figure out everything you need to get the right quote for your business. If you have an understanding of the process though, it will be much easier to get your paperwork together to be ready to go when you approach licensed insurance agents for pricing.
While you may find online information about the average cost for workers compensation insurance, many times this data is derived from the base rates of the New York State Insurance Fund so it doesn’t accurately depict what you would pay for your own workers comp premiums.
Information Needed for Accurate Quote for Workers Comp Insurance
Insurance agents and brokers need specific details about your business in order to deliver the most accurate premium prices and terms possible. Here are a few items to have ready:
- Your total employee payroll broken out by company class code
For example, if you are shopping for workers compensation insurance for contractors in NYC, you would list:
• 5213 Concrete Construction $100,000 (3 employees)
• 0042 Landscaping $250,000 (10 employees)
• 5462 Grading of Land & Excavation $175,000 (5 employees) - Your company’s federal ID number or for sole proprietors, your social security number
- Copy of your current workers comp declaration page
- Record of workers comp loss history for last 3 years
- Your Company’s Experience Mod
Workers’ compensation insurance is a requirement in New York for part-time and full-time employees. It will provide income replacement and medical expenses for any employees injured while working. It does nothing to protect you should a customer or visitor get injured while at your place of business. To cover you for those types of injuries, you will need to also obtain general liability insurance.
You can purchase workers compensation insurance and general liability policies from Enforce Coverage Group. To speak with one of our insurance professionals, give us a call at (212) 947-4298 or submit your business data via our workers compensation questionnaire to get your quote started today.