Workers' Comp Plans
A workers' compensation insurance policy protects employers from liability for on-the-job injuries and occupational illnesses, as required by New York State law.
General Group Plan
Based on an employer’s individual experience modification. Qualified employers receive a guaranteed discount for the full policy period regardless of losses incurred during the period.
Safety Group Plan
Employers with similar operational hazards are grouped together to reduce their workers’ compensation costs, spreading the risk from the individual policyholder to the entire group. The premiums of the group are pooled together, while the group works to improve safety and limit injuries. Participants may receive advance discounts and share in earned group dividends. Although not guaranteed, NYSIF has paid billions in cumulative annual dividends to safety groups since 1923. Interested in joining a safety group? View our comprehensive list of class codes to find contact information for the groups that serve your industry.
Retrospective Rating Plan
Qualified employers with substantial annual premium, a consistent claims history and a proven safety record benefit most from this plan. It is an alternative to guaranteed cost plans or self-insurance for large employers.
Disability Benefits Plans
NYSIF statutory disability benefits insurance covers employers in New York State for their employees’ off-the-job injuries and illnesses, including disabilities arising from pregnancies, as required by New York State law.
Enriched Disability Benefits Insurance
Enriched disability benefits offer up to five times statutory coverage at a prorated premium based on NYSIF’s low statutory disability benefits insurance rates.
Volunteer Firefighters' Workers’ Comp
NYSIF charges a flat premium to cover volunteer firefighters, based on the population of territories served by volunteer fire companies covered under the policy. Insurance may be extended to volunteer fire departments, their fire chiefs, commissioners and trustees at an additional 10% of policy premium. Paid employees of a volunteer fire company must be covered under a standard workers’ comp policy.
Volunteer Ambulance Workers’ Comp
NYSIF charges a flat premium to cover volunteer ambulance workers, based on the number of vehicles covered under the policy. Insurance may be extended to volunteer ambulance companies, their officers and trustees at an additional 10% of policy premium. Paid employees of a volunteer ambulance company must be covered under a standard workers’ compensation policy.