New York Workers Comp Choices Narrowing for Contractors

Ed WinslowUpdates

NYS Workers' Comp

New York Workers Comp Choices Narrowing for Contractors

New York Workers Comp Photo 2013 Contractors trying to obtain New York Workers Comp either for the first time or due to the fact that they have been cancelled for  any or one of the following reasons: non pay, underwriting reasons, adverse loss experience on their New York Workers Comp policy provided by a private carrier; are finding out that there are no private carriers willing to take a chance on them in this ever tightening workers comp market. Luckily for most there is the New York State Insurance Fund.

Although most of the contractors I work with don’t consider this to be “Lucky” at least its a starting place for them to obtain a policy . All contractors especially those who do commercial work or those requiring to be licensed need New York workers Comp insurance. In this climate a contractor has to be proactive and organized and realize that there is a means to and end here.

New York Workers Comp best advice for managing the State Fund

Those that consider it and unlucky experience to have to go to the NY State Insurance fund usually are not talking from first hand experience rather they hear the nightmares and bad experiences from other contractors that have been caught in the trap of a bad State Fund New York Workers Comp  Audit or miss classed employee. How ever in most cases the rumor are true. But not for the reasons that the State Fund was picking on them, it’s due to the fact that the State Fund has strict rules that need to be followed by the letter or things can get out of control quickly.  The key advice for the new contractor trying to obtain a New York Workers Comp policy is BE PROACTIVE!  Make sure you have all the information ready when applying for the policy such as Corporate name, Federal ID Number, names of all executive officers, a clear description of what the business does as well as a good estimate of the annual payroll by classification. The Key is to get the policy set up the correct way.

Most new contractors back office is run out of the front seat of their truck which unfortunately creates a challenging environment to manage all the paper work the State Fund sends out. Try to STAY ORGANIZED. Pay the monthly New York Workers Comp bill on time. This seems to be the biggest reason the the start of the trouble. Contractors that don’t pay the bill on time incurs a surcharge on the policy increasing the expense as well as risking cancellation.  Remember No New York Workers Comp means no certs which means cant’ get on the job site. New York Workers Comp

 New York Workers Comp -seek professional advice

In order to alleviate any pit falls and problems with the state fund contact a licensed representative. Although you will be charged a brokerage fee if they Broker needs to put you with the State Insurance Fund it will be worth its weight in Gold. If you are unseasoned in New York Workers Comp don’t go it alone . Contact us.