Commercial Workers Compensation Insurance / NY State Disability Insurance (DBL)

Workers Compensation Insurance

All states require all employers to carry Worker’s Compensation / Employer’s liability insurance and each state has Individual laws that must be met. Workers Compensation protects your employees should a job related injury or sickness occur during the course of employment. Payments are made to the injured party and can consist of medical payments, loss of wages or therapy. Premiums are based upon occupations, classifications, payroll, experience, and state modifications. Worker’s Compensation and Employers Liability insurance are mandatory.

State Mandatory Short Term Disability Insurance (in New York, it’s New York DBL)

Provides benefits to employees who become disabled because of injuries or sickness that are not employment related, or that may arise from pregnancy.  In New York, the minimum mandated disability benefits are 50% of weekly salary to a maximum of $170 per week and are payable up to a maximum of 26 weeks. There are 4 other states requiring mandated short-term disability benefits (California, Hawaii, New Jersey and Rhode Island), plus the Commonwealth of Puerto Rico. Each state has different insurance minimum benefit requirements.

In New York, premium rates are set by each insurance company for companies with less than 50 employees. For companies with 50+ employees, premiums are bases on census and claims experience. For groups of 50+, this is a very competitive coverage and JayMar will periodically conduct a full market study to assure the continued competitiveness of your premiums.