New York State’s Workers’ Compensation Rates for 2024

map with New York state workers’ compensation rates
Mordechai Kamenetsky
Last Updated: 
February 7, 2024

To help you determine your workers’ compensation insurance rates in New York, we've compiled a list of the state's most common rates from one of our partner carriers. The rate you see is what you can expect to pay for every $100 of your payroll.

New York State’s Workers’ Compensation Rates for 2024
Class Code Description Rate per $100 of Payroll Annual Premium
3632 Machine Shop $3.63 $908
3724 Garage Door Installation $5.69 $1,423
3821 Salvage Yard - Automobile Recycling $8.08 $2,020
5022 Masonry Construction $25.69 $6,423
5102 Metal Building Construction $17.83 $4,458
5183 Plumbing Contractors $8.83 $2,208
5190 Electrical Work - Electrician $6.85 $1,713
5221 Concrete Work - Flat Work Cement $17.74 $4,435
5348 Ceramic, Tile and Stone Work $11.11 $2,778
5474 Painting Contractor $15.96 $3,990
5645 Residential Construction - Home Builders - Remodelers - Siding $10.30 $2,575
8006 Gas Stations - Convenience Stores $2.18 $545
8017 Retail Stores - Merchandise - Cannabis Dispensary $1.73 $433
8742 Sales Professional $0.34 $85
8810 Clerical - Office Employee $0.16 $40
8832 Medical Office - Doctor - Dentist - Chiropractor, Optometrist $0.59 $148
9052 Hotels and Motels $4.65 $1,163
9102 Lawn Service & Maintenance $4.13 $1,033

*Premiums are estimated based on a hypothetical $25,000 annual payroll.

How to Calculate your Premium  

To calculate your premium, you can use the following formula: (Annual Employee Payroll / $100) x Industry Rate = Your Estimated Premium.

Workers' Comp Premium Formula

Start by determining your total anticipated gross annual payroll for all employees. For example, if you're running a cannabis farming operation with three workers and a combined payroll of $140,000, you would divide that figure by 100. This gives you $1,400. 

Then, multiply this by the industry rate in NY for cannabis farm operations, which is $3.42. This calculation would give you a ballpark figure of your workers' comp premium, which totals $4,788.

It's important to note that this estimate doesn't include taxes and fees. Additionally, the final cost could be affected by your claims history

Don't want to bother with manual calculations? Use our convenient form to do the calculations for you. Get started here.

How can you lower your premium?

There are several steps you can take to lower your workers' compensation premium.

Implement a Safety Program 

Implement a Safety Program 

A safe work environment can help prevent accidents and minimize insurance claims, leading to lower premiums. Consider implementing a comprehensive safety program that provides training, guidelines, and resources to create a safety-conscious work culture.

Keep Accurate Payroll Records 

Keep Accurate Payroll Records 

Regularly monitoring and updating your payroll records can ensure accurate premium calculations. This is especially crucial if your business has experienced changes in staffing, responsibilities, or job classifications.

Maintain a Clean Claim History 

Maintain a Clean Claim History 

Having few or no workers' compensation claims can help keep your experience modification (ExMod) rate low, leading to lower premium costs. Encourage your employees to communicate potential hazards and report any incidents promptly.

In addition to these steps, shopping around for quotes from various workers' compensation insurance providers can help you find the best coverage and rates for your specific business needs. Finding a knowledgeable agent that knows how to structure your policy and which carrier will have the best pricing can significantly impact the overall cost and effectiveness of your workers' compensation insurance.

Get a Quote

If you're a business owner in New York State and you're looking to understand your workers' compensation insurance rates for 2024, you've come to the right place. Contact us at (866) 338-8823 for personalized support, or start an instant quote to get a quick estimate of your workers' comp premium. 

At Kickstand Insurance, we're dedicated to simplifying the complexities of workers' compensation insurance for you.

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Note: The information provided in this blog is intended for general informational purposes only and is not a substitute for professional legal or insurance advice. Laws and regulations regarding workers' compensation insurance are complex and vary by state and by specific circumstances. Therefore, readers are encouraged to consult with a qualified legal or insurance professional to obtain advice with respect to any particular issue or problem they might have.

Mordechai Kamenetsky

Mordechai Kamenetsky, co-founder and lead agent of Kickstand, is recognized as an expert in workers' compensation. He is passionate about helping small businesses manage risks and lower their workers' comp costs. In his articles, he educates readers and clients on the intricacies of workers' comp insurance.

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