NYSIF Insurance Plans

NYSIF offers the following types of workers’ compensation insurance plans to employers:

General group plan

This plan is best suited to the needs of most employers. When merited, employers receive an advance discount on renewal, which is guaranteed for the policy year regardless of losses incurred during the year. This is exclusive of any experience credit or debit that may have been promulgated by the New York Compensation Insurance Rating Board or the Interstate Compensation Insurance Rating Bureau. It guarantees low cost insurance for employers whose safety records are average for their type of business.

Safety group plans

These are dividend participation plans designed for employers in the same trade or industry who, by cooperative effort, seek to curtail accidental injuries or occupational disease, thereby reducing their insurance costs. Qualified participants receive an advance discount. In addition, individual experience ratings, when promulgated, are applied. Six to 10 months after completion of the policy year, a group accounting is made. Each group member receives a proportionate share of any dividend earned.

Retrospective rating plans

Employers with substantial annual premiums may be eligible for Retrospective Rating Plans, subject to NYSIF approval. The policyholder's net premium is determined largely by his or her own loss experience. The employer pays an estimated premium at the beginning of the period. Approximately six to 10 months after the completion of the policy period, the employer's accident record is reviewed and the premium adjusted accordingly. Low administrative costs and the simplicity of the retrospective formula are important advantages of NYSIF plans as compared with others.