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.
*Premiums are estimated based on a hypothetical $25,000 annual payroll.
To calculate your premium, you can use the following formula: (Annual Employee Payroll / $100) x Industry Rate = Your Estimated Premium.
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.
There are several steps you can take to lower your workers' compensation premium.
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.
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.
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.
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.
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, 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.