NYSIF Workers' Compensation Insurance Plans

General group plan

This plan best suits the needs of most businesses. Employers receive their individual experience modification promulgated by the New York Compensation Insurance Rating Board or the Interstate Compensation Insurance Rating Bureau, and, when merited, a NYSIF advance discount guaranteed for the full policy period, regardless of losses incurred during the year.

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Safety group plans

These fully insured dividend participation plans enable employers in the same industry to pool their premiums with the goal of curtailing injuries to reduce the final cost of workers' compensation insurance. In addition to their individual experience rating, safety group participants receive, when merited, a NYSIF advance discount and a proportionate share of any dividends earned by the group. Although dividends cannot be guaranteed, NYSIF safety groups have returned billions in cumulative annual dividends to their members.

More about safety groups

Preferred Risk Participation Plan (PRPP)

PRPP provides eligible employers a loss-sensitive alternative to group self-insurance, or private carrier dividend plans. Excellent loss experience is rewarded by a return of premium beyond NYSIF's initial advance discount. PRPP policyholders receive an advanced discount of 20 percent, with a potential maximum return of 49 percent of the NYSIF discounted premium when the term ends. While the policy period is one year, the calculation of return of premium is done at the two-year mark. This is how the plan works: A policyholder with an inception date of January 1, 2011, receives a 20 percent discount for the 2011 policy year. Twelve months after the policy period concludes (January 1, 2013), NYSIF develops the loss ratio, which determines the return of premium, if any. The policyholder can elect to receive a check or apply it to future workers’ compensation costs.

Retrospective rating plans

Employers with substantial annual premium may be eligible for Retrospective Rating Plans, subject to NYSIF approval. Net premium is determined largely by the policyholder's incurred losses. Because the premium is based on the losses, employers who have a consistent claims history and proven safety practices will benefit the most from individual-retrospective rating. For a large risk, a retrospective rating plan offers an alternative to guaranteed cost plans, as well as self-insurance. An employer can experience some of the rewards and risks of self-insurance without the administrative burden and expense of handling claims and complying with regulations imposed on self-insurers. Low administrative costs and the simplicity of the retrospective formula are important advantages of NYSIF retrospectively-rate plans. With a retro, the insured's actual loss experience plus the basic charge (a percentage of standard premium to cover insurer expenses), establishes the final premium. The final premium is subject to a predetermined minimum and maximum.