Workers’ Compensation

For business owners, workers’ compensation insurance is a small price to pay for the protection that it carries. But who needs workers’ compensation insurance and how are the premiums calculated?  At Shore Line Insurance Agency, Inc., we can help answer any questions that you may have and ensure that your business is insured according to state and federal regulations.

What is Workers’ Compensation?

Workers’ compensation is a type of no-fault insurance that pays for Work related accidents, injuries or illnesses. Created specifically to cover the costs associated with on-the-job incidents, it is designed as a benefit to businesses and workers alike.   In the event of a workplace claim, it will cover both the lost wages and medical expenses of the injured party, ensuring the well-being of your employees. Additionally, it provides protection against lawsuits that could otherwise be financially catastrophic to employers. In New York, employers are required to have workers’ compensation insurance for all workers – including part-time employees.

How are Premiums calculated?

The formula used by insurance carriers to calculate workers’ compensation premiums can be confusing. The National Council on Compensation Insurance (NCC) collects statistics which it then uses to categorize businesses as high-risk or low-risk according to industry.  This rating is considered – along with experience mod factors – to formulate the policy premium.

While workers’ compensation insurance is designed to protect both employers and workers, preventing on-the-job accidents from happening in the first place is your company’s best strategy for keeping overhead costs low and profit margins high. At Shore Line Insurance Agency, Inc., we understand that while insurance may protect you in the event of a claim, a proactive approach to workplace safety is your first defense.  Our agents don’t just provide insurance solutions, they also provide risk mitigation and cost control solutions that put you ahead of the game.

Contact Shore Line Insurance Agency, Inc. for more information about workers’ compensation insurance; call 631-744-1200 to learn more about how our agency can help your business.