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When employers purchase workers’ compensation insurance with NYSIF, NYSIF assumes the employer’s statutory obligation to pay medical, indemnity and death benefits under the law. NYSIF bases premium charges on assumed risk depending upon: employer's industry type, remuneration paid, and prior claim history and/or potential liability for claims.
There is a classification code for each type of industry or business, and, for each classification code, a manual rate. The manual rate for each classification code is determined by the NY Compensation Insurance Rating Board based on the historical exposure (payroll and losses) and expenses for that specific classification.
Premium for each classification code is determined by multiplying a rate times a premium basis. Remuneration is the most common premium basis. This includes payroll and all other remuneration paid or payable during the policy period for the services of employees and all others engaged in work on behalf of the employer for which NYSIF could be liable. The rate charged is based on every $100 dollars of remuneration.
For example: Premium for an employer who operates a fast food restaurant with $100,000 in annual payroll is determined as follows:
Classification Code Manual Rate Payroll/100 = Manual Premium 9072-Fast Food Restaurants 3.46 100,000/100 = $3,460
The above example is the basis for determining premium. Additional components in determining premium enable NYSIF to tailor workers’ compensation premium to suit the individual character of each employer.
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