NYSIF Workers Compensation

Workers compensation as an insurance for employer when a possible injuries resulted while working is legally required to be registered for corporation. There are many carriers or insurance company that can be the third party of the corporation to give the workers compensation when unfortunate accident happens. Private insurance companies that also provide workers compensation are all around US. To choose the right insurance company, you have to match the condition of your corporation need. NYSIF is one of them. However, instead of providing various types of insurance, NYSIF specializes only in NYSIF workers compensation along with the disability benefit. The company is also a government organization.

The General About NYSIF

NYSIF stands for New York State Insurance Fund. The company provides workers compensation and disability for employers form many corporation and business in New York State. Although NYSIF is a government organization, it is financially self-supporting and also competes with other private insurance companies that provide workers compensation.
NYSIF is required by law to provide the insurance in the lowest possible premiums to be able to maintain its financial condition. In 2015, NYSIF was placed in the top ten of US which is the largest workers compensation insurance carrier in New York. The top ten place is earned with the total of 46% of the market. During the year NYSIF earned $24.8 billion in premiums which make it the top ten of US.
As stated above, the insurance products offered by NYSIF are only two, which are workers compensation and disability benefits. NYSIF Workers compensation is an insurance which is mandatory for employers with one or more employees. The employers in New York State have to meet the obligation by one within three ways. Those are self-insuring, or being a member of a self-insured trust, insuring with private insurance carrier, and insuring with the New York State Insurance Fund (NYSIF).
Disability benefits is also mandatory for the same term with workers compensation, for employers with one or more employees. The service pays temporarily for employees who are disabled off-the-job illness or injury. It also applies for disabilities that are arising from pregnancies up to 26 weeks.
NYSIF also offers insurance plans which are divided into four main categories. Those are workers comp plans, disability benefits plans, volunteer firefighter worker comp, and volunteer ambulance workers comp. Worker comp plan is required to be applied to the employers of NY as how it is regulated by New York State law.
The plan has three kinds which are general group plan, safety group plan, and retrospective rating plan.

The general is based on individual experience modification of an employer. The safety group is for qualified employers who are in the same industry pool their premiums and work to reduce costs and limit injuries. The retrospective rating is qualified employers with substantial annual premium, a consistent claims history and a proven safety record benefit most from this plan. To apply for NYSIF workers compensation or disability benefits, it is encouraged to submit the application online. The application can be started by requesting a quote in the NYSIF website.

Subscribe to receive free email updates: