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.

Further Reading On Worker's Comp Insurance

NY Worker's Comp Insurance Quotes

New York Insurance

Request a Worker's Comp Insurance quote in Albany, Amherst, Auburn, Babylon, Binghamton, Bronx, Brookhaven, Brooklyn, Buffalo, Clarkstown, Clay, Colonie, Elmira, Glen Cove, Greenburgh, Hamburg, Hempstead, Huntington, Islip, Ithaca, Jamaica, Jamestown, Long Beach, Manhattan, Middletown, Mount Vernon, New Rochelle, Newburgh, Niagara Falls, Orangetown, Oyster Bay, Perinton, Poughkeepsie, Queens, Rochester, Rome, Rye, Schenectady, Smithtown, Southampton, Staten Island, Syracuse, Tonawanda, Troy, Union, Utica, Watertown, West Seneca, White Plains, Yonkers and all other cities in NY.

New York Insurance Rules & Regulations

In the state of New York, there are a couple of different types of insurance that are regulated by the state that you should be aware of - as well as the regulations behind them. Understanding what is required for business and personal insurance will help you make sure that you have the right insurance if you ever decide to open a business or even if you are simply looking for information on what kinds of personal insurance you need and what sort of oversight there is for them. Let's take a closer look at personal and business insurance in NY State.

NY Commercial Insurance

The first type of insurance is general liability insurance. Although general liability insurance is not required by law for New York businesses, it is a good thing to have. General liability protects companies from lawsuits that stem from slips and falls, damage to property while they are on the premises and a variety of other potential incidents that customers may file a lawsuit for. General liability simply keeps you safe in case something happens to someone on your property and they decide to bring a lawsuit against you.

In addition, businesses in New York must carry specific types of insurance such as Worker's Compensation insurance when they have at least one full or part-time employee. This does not apply to independent contractors and subcontractors. The only other regulation in New York is that commercial vehicles that are operating as part of a business must carry commercial auto insurance.

New York Personal Insurance

Now, we move onto personal insurance starting with auto insurance. New York State requires that anyone operating a motor vehicle carry liability insurance with $25,000 for bodily injury to one person and $50,000 total for a single accident. In addition, motorists must carry $10,000 for property damage as well.

There are also some regulations governing life insurance. In Article 32 of the New York Consolidated Law it says that residents have a free look period that is limited to 10 days, as well as a grace period of 31 days and then insurance companies must make timely payments within 30 days of receiving notification of the death. If the insurance company does not make these payments on time, then interest can be added to the amount owed. You can find out more about this life insurance information as well as information on the New York state guaranty that ensures that you will receive a payment even if your life insurance company goes out of business.


Workers Compensation Insurance Class Codes

If you are looking for state specific Workers Comp Insurance class codes, costs and information: California Workers Comp Class Codes, Colorado Workers Comp Class Codes, Delaware Workers Comp Class Codes, Florida Workers Comp Class Codes, Illinois Workers Comp Class Codes,Florida Workers Comp Class Codes, New Jersey Workers Comp Class Codes, New York Workers Comp Class Codes, Oregon Workers Comp Class Codes, Pennsylvania Workers Comp Class Codes, Texas Workers Comp Class Codes.

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