Lowest Cost NY Worker’s Comp Insurance

April 18, 2016


Do you have the lowest priced WC policy available for your business? Are there lower priced plans out there? If you are looking to lower your worker’s comp costs and trying to get the lowest priced policy, you are not alone. In fact, most of the new client calls we get regarding Workers Comp deal with requests for help in LOWERING their WC cost, what they can do to help with their assigned Experience Mod, and if there are alternative companies compared to standard New York State Insurance Fund WC rates.

While all companies are unique, we find that it pays to have comparison quotes run for your particular business to see if other companies might offer more attractive Class Code rates, if the Class Codes you are using are accurate, and if we can get you upfront discounts. The insurance companies hope you just keep your WC plan the same each and every year, but we know there are opportunities to lower rates if you let us shop around, especially if you have coverage through the NYS Insurance Fund.

We also find that for those on the NYS Insurance Fund, if your experience has improved from past years, NYS WC board does not necessarily adjust your ratings accordingly. In addition, the Assessment Charge that NYSIF imposes has increased this past year, so it pays to see if you can find a better deal out there.

Having a licensed broker who works for you, and is able to market your WC coverage to multiple carriers including the NYSIF, is a no cost investment no company should overlook. Comparisons are easy for you to get, and just involve you submitting copies of your prior year WC declaration pages or the most recent Audit or Information Page for your WC policy to us; we take it from there.

We look forward to hearing from you and welcome the opportunity to quote your company’s WC insurance. Feel free to call as well with any specific questions.

Peak Advisors, Inc. is an owner operated insurance brokerage specializing in providing one source insurance solutions for businesses and individuals on Long Island, NY