NY Workers Comp
Class Codes (By Number With Description)

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NY workers comp class codes are four digit numbers assigned by the The New York Compensation Insurance Rating Board (NYCIRB). Workers compensation classification codes contain your industries injury rates & are used to determine your base premium cost.

New York Workers Compensation Classification Codes

NY Workers Comp Class Codes

So what are NY workers comp class codes? Workers comp class codes are created by the The New York Compensation Insurance Rating Board (NYCIRB), an organization that according to them:

"Is a non-profit, unincorporated association of insurance carriers, including the State Insurance Fund.

In conjunction with the New York Workers' Compensation Law, the Insurance Law provides for the Superintendent of Insurance to designate a rate service organization to collect the loss, premium and payroll data from each carrier, summarize this information and develop an adequate rate structure. Since the enactment of the Workers' Compensation Law in 1914, the NYCIRB has been licensed as the official organization for this purpose. As the New York rate service organization with a single dedication and focus, the New York Compensation Insurance Rating Board has more than 100 years of experience in understanding the workers compensation insurance coverage and underwriting of the New York market.

Experience Rating is a mandatory program for workers compensation applied only to employers that are statistically large enough for the individual employer's own past experience to be an indicator of how the loss costs for this employer will differ from the average in the future. The Plan, in effect, recognizes differences between individual employers by comparing the experience of each employer to the average experience for all employers in the same classification.

Differences are reflected by an experience rating modification which may increase or decrease the premium that an employer has to pay. Experience ratings are generally determined on an annual basis and are usually effective for a period of twelve months. The Rating Board automatically computes and promulgates experience ratings for eligible New York employers and provides this information to the employer's carrier for calculation of the policy premium."

For example, for a roofer, tree trimmer, or demolition company, the cost could be $17 per $100 in payroll, or even higher. On the other hand, the cost to cover a attorney, accountant or real estate agent could be under $0.20 per $100 of their payroll. So, for an employee that earns $40,000 a year, a blue collar contracting company could pay around $6800, where a white collar business may pay just $80. It all depends on the risk or injury associated with the code.

Workers Compensation Insurance Information

For more info including coverages and cost you can check out this article on: workers compensation insurance.

NY Workers Compensation Classification Codes List

NY workers comp class codes - some of the most searched class codes are:

... because the cost for workers comp base premiums are lower in these classes than most others.

Following is a list of the NY workers comp class codes. Both the code and class description are listed in numerical order:

Workers Comp Insurance Articles

If you are looking for more information on workers compensation: New York Workers Compensation For Restaurants.

Workers Compensation Insurance Quotes

If you are looking for state specific Workers Compensation Insurance insurance quotes, costs and information: California Workers Compensation Insurance, Delaware Workers Compensation Insurance, Illinois Workers Compensation Insurance,Kentucky Workers Compensation Insurance, New Jersey Workers Compensation Insurance, New York Workers Compensation Insurance, Pennsylvania Workers Compensation Insurance, Texas Workers Compensation Insurance.

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