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 (also referred to as "Group 90")
A Group 90 policy is 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.
Large Deductible Plan
NYSIF's large deductible plan provides a workers' comp solution to eligible employers willing to share the cost of their claims experience. This plan offers larger employers significantly lower premium in exchange for reimbursing a portion of actual losses. A large deductible plan rewards policyholders for maintaining effective risk management and loss control programs, reduces up-front costs and may lead to lower longer-term costs due to improved cashflow and lower expenses.
Preferred Risk Participation Plan
The Preferred Risk Participation Plan (PRPP) offers eligible policyholders an opportunity to be rewarded with a premium refund in the event of exceptional loss experience. One year after policy expiration, NYSIF will evaluate all claims and calculate the policy’s PRPP loss ratio. If favorable, NYSIF will return a portion of the premium to the policyholder. This program provides a strong incentive for employers to prevent accidents by rewarding them for their efforts.
Disability Benefits Plans
Disability Benefits (DB) insurance provides partial income replacement to those who are unable to work due to an illness or injury that occurred away from work, including disabilities arising from pregnancies, as required by New York State law. Medical care is the responsibility of the claimant. Paid Family Leave (PFL) is offered as a New York State mandated rider, or add-on, to DB policies. PFL provides job-protected, paid leave to bond with a new child, care for a loved one with a serious health condition, or to help relieve family pressures when someone is called to active military service.
Statutory Coverage
“Statutory” is the minimum amount of coverage that is required by law. Eligible employees may be entitled to DB benefits equivalent to 50% of their average weekly wage, up to a maximum of $170/week.
Enriched Disability Benefits Insurance
Employers have the option to offer enriched disability benefits up to five times the statutory rate, which provides a maximum weekly benefit of $850.
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.