New York Workers Comp Insurance

With limited exceptions, every employer in New York with one or more employee(s) is required by law to have a valid workers' compensation policy at all times. This "no fault" insurance not only provides injured workers with medical care and partial wage replacement, but also protects the policyholders from potentially damaging lawsuits. Although most companies in NY purchase a traditional commercial insurance policy, there are alternative methods of coverage which include licensing as a self insurer, gaining membership in a self insurance group, or obtaining coverage in the Assigned Risk Pool.

NY Workers Comp Insurance Specific Regulations

• Any company who has employees working in New York, regardless of full or part-time employment is required to have workers compensation insurance
• If you work for someone else you will not be covered by their insurance policy unless you are an employee. This requires independent contractors to have their own workman’s compensation insurance
• In New York businesses can purchase insurance from any carrier licensed to write policies in the state. In addition to this, there is a state fund available for high-risk businesses who struggle to secure coverage
• Sole proprietors, partners, or members of LLCs are not required to carry workers’ compensation if you don’t have any employees, while those that have employees are excluded from coverage, but may elect to opt in.
• In New York, corporate officers may be exempt from coverage if all company stock is held by one or two corporate officers. No one may be excluded if the company has more than two corporate officers or shareholders