About Workers' Compensation Premium & Billing

NYSIF policyholders may spread their premium over 10 payments, based on premium levels:

  • Premium up to $999 - 100% down
  • Premium $1,000 and over - 25% down and nine equal payments

Exceptions may apply. Safety group members should contact their group manager for information about their specific payment plans. If you’re on a payment plan here’s what you need to know:

  • First payment must be received prior to policy inception or renewal date;
  • Monthly due date is based on the date your policy starts/renews;
  • You have the option at any time to pay in full or pay the minimum amount due;
  • A $10 policy service charge is applied to each installment bill;
  • All policy activity during the month is reflected in the next billing statement;
  • Audit balance installments vary depending on when the audit balance is posted to your account;
  • No interest is charged on audit balances paid in full. Unpaid audit balances are subject to a 1% monthly interest charge;
  • Minimum amount due must be paid in 30 days to avoid cancellation;
  • Any bill sent after a cancellation date will note, "This policy has been cancelled effective dd/mm/yy;"
  • Payment is due immediately on all cancelled policies.