New York State Workers Compensation Law

Ed WinslowUpdates

NY State Workers’ Comp law allows corporations with 2 executive officers or less to exclude themselves from the Workmans Comp Policy. Many new businesses believe they are saving a lot of money by doing so. In reality, if they are coded properly, the executive officer cost is minimal.

However, in  the case when an executive officer is also performing manual labor as part of the day to day business, the carrier will subject part of the owners salary to Workers Compensation at the predominate Class Code.  This could be very costly to a business.

Workers Compensation pays 100% of medical costs incurred as well as 2/3’s lost the wage of an injured worker not to exceed $700 a week, as well as a death benefit. Deciding to exclude yourself at the time of audit, once the year is over, is too late. Also, Deciding to Include yourself once you are injured is too late.

Workers Comp Insurance can be complicated. Call us to determine the best options for you and your business. In the meantime, view the rate charts for your business by click here to view