NYSIF's mission is to guarantee the availability of workers' compensation and disability insurance with the lowest possible cost to New York employers while maintaining a solvent fund. Since its inception in 1914, NYSIF has fulfilled this mission by competing with other carriers to ensure a fair marketplace while serving as a guaranteed source of coverage for employers who cannot secure coverage elsewhere. NYSIF strives to achieve the best health outcomes for injured workers and be an industry leader in price, quality and service for New York State employers.
History of NYSIF
NYSIF consists of two separate "funds" -- the Workers' Compensation Fund, insuring employers against occupational injury and disease suffered by their employees, and the Disability Benefits Fund, established in 1949, which insures against disabling off-the-job sickness or injury sustained by employees.
New York voters approved the Workers' Compensation Act of 1914 by referendum. The law was spurred by two significant events in American history -- the 1909 Wainwright Commission that reported on the woeful labor conditions and treatment of injured workers, and the Triangle Shirtwaist factory fire of 1911, among the most deadly in New York City history.
The workers' compensation law requires that "such premiums in NYSIF shall be fixed at the lowest possible rates consistent with the maintenance of a solvent fund and of reasonable reserves and surplus."
NYSIF is a self-supporting insurance carrier that competes with private insurers in the workers' compensation and disability benefits markets. Operating income is derived solely from insurance premiums and investments. NYSIF is the largest provider of workers' compensation insurance in New York State.
NYSIF offers quality insurance plans for all New York businesses. Services include claims case management and workplace safety programs at no extra cost. If you have employees located in New York State, NYSIF may be able to help you control the costs and losses incurred by on- and off-the-job injuries.