Updated: January 3, 2025
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MoneyGeek examined costs, financial stability, client satisfaction and the ease of obtaining quotes online to determine the best workers' compensation insurance in New York. Nationwide ranked as the top insurer for workers’ comp insurance in the state.
To protect themselves from monetary and legal liabilities, employers can get workers' compensation insurance. This insurance will cover any lost wages, medical costs and even legal fees in the event that an employee is hurt or falls ill.
Based on an analysis by MoneyGeek, Nationwide emerges as the best provider of workers' compensation insurance in New York. Nationwide earned a top MoneyGeek score of 96 out of 100, reflecting its excellence across several assessment categories including cost, financial stability, client satisfaction, and ease of obtaining quotes online. Here are some details about Nationwide's offerings in New York:
1. Average Monthly Premium: Nationwide provides competitive rates, with an average monthly premium of $44 for businesses with five or fewer employees. For businesses with 20 employees, the cost is around $204 monthly, while for larger entities with about 100 employees, it rises to $511 per month.
2. Financial Stability: Nationwide is well-regarded for its financial stability, an essential feature that ensures businesses can rely on them to cover claims when employees are injured or become ill due to work-related activities.
3. Customer Service: In addition to its financial strength, Nationwide is noted for high client satisfaction ratings, signifying a robust customer service experience. This can be crucial in navigating claims processes and ensuring that employer and employee needs are met efficiently.
4. Insurance Coverage: The policy offers substantial coverage limits, including up to $1 million per accident, $1 million per employee, and a $1 million total policy limit, helping employers manage significant potential liabilities.
5. Considerations: The cost of premiums with Nationwide and other insurers can be influenced by several factors, including payroll expenses and the number of employees. These are critical considerations when determining the best value for your business.
Ultimately, while Nationwide stands out as the best choice for New York businesses based on the criteria examined, organizations are encouraged to assess their specific needs and circumstances to determine the most suitable insurance provider.
When searching for the most cost-effective workers' compensation insurance in New York, Nationwide emerges as the leading provider, offering an average monthly premium of just $44 for businesses with five or fewer employees. This makes Nationwide an attractive option for cost-conscious businesses in the state.
Why Nationwide is a Great Option for Cost-Conscious Businesses:
1. Affordable Rates: Nationwide provides the lowest average monthly premium of $44 for small enterprises, making it an affordable choice for businesses that are mindful of their budgets. This rate applies to companies with smaller teams, allowing them to allocate more resources towards growth and operations rather than insurance costs.
2. Comprehensive Coverage: With policy limits offering up to $1 million per employee, per accident, and a total policy limit of $1 million, Nationwide ensures that businesses are adequately protected against financial liabilities arising from workplace injuries or illnesses.
3. Financial Stability and Client Satisfaction: Nationwide earned a MoneyGeek score of 96 out of 100, indicating strong financial stability and high client satisfaction. This provides peace of mind to business owners, knowing they are partnering with a reliable insurer.
4. Ease of Access: Nationwide simplifies the process of obtaining quotes online, allowing businesses to quickly and easily compare rates and coverage options to find a plan that best suits their financial and operational needs.
Overall, Nationwide's combination of low cost, comprehensive coverage, and reliable service makes it an ideal choice for businesses in New York looking to balance cost with adequate protection for their employees.
Workers' compensation insurance premiums in New York, like in most states, are influenced by several key factors. Here's an explanation of these factors and how they can cause variation in rates:
1. Number of Employees: The more employees a business has, the higher the premium. Each additional employee increases the risk of an injury or illness occurring, which raises potential insurance claims.
2. Payroll Size: Premiums are often directly related to the total payroll expenses of the company. Higher payrolls typically result in higher premiums because they represent greater potential liability for wage replacement in the event of a worker's injury or illness.
3. Employee Classification Codes: These codes categorize jobs based on the level of risk involved. Jobs with higher risk of injury, such as construction or manufacturing roles, generally have higher premiums compared to lower-risk jobs like office work.
4. Claims History: A company with a history of frequent or severe workers' compensation claims can expect to pay higher premiums. Insurers see such businesses as riskier and adjust premiums to reflect the increased likelihood of future claims.
5. State Regulations and Requirements: New York requires all businesses, regardless of size, to carry workers' compensation insurance. Specific state regulations may also influence premium rates, particularly if they mandate certain coverages or benefits.
6. Coverage Limits: Policies with higher coverage limits, such as those offering up to $1 million per incident or per employee, typically command higher premiums.
7. Financial Stability and Client Satisfaction: While not a direct factor in setting premium rates, a provider's financial stability and reputation for client satisfaction can affect the overall value businesses perceive in the policy, potentially influencing their willingness to pay a certain rate.
8. Ease of Obtaining Quotes and Financial Standing: Companies like Nationwide, which are recognized for ease of obtaining quotes and financial stability, often attract businesses looking for reliable coverage at competitive rates.
In New York, specific examples of premium variations include Nationwide offering a monthly rate of $44 for smaller businesses with five or fewer employees, while the rate goes up to $511 for businesses with about 100 employees. This illustrates how rates can vary significantly based on the number of employees and payroll size.
Furthermore, while Nationwide is recognized as the top insurer in New York with a strong MoneyGeek score, the best insurer for a specific business could vary based on these individual factors. Hence, companies must assess their specific needs and characteristics when selecting a workers' compensation insurance policy.
Why Trust MoneyGeek? We collected 677 workers’ compensation insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best workers’ compensation insurance companies for small businesses in New York.
Coverage costs and company information for workers' compensation insurance providers in New York were last updated in 2023.
Based on our research, Nationwide offers the best worker's compensation insurance in New York. It earned a MoneyGeek score of 96 out of 100 and costs around $126 annually. However, the best insurer for you could change based on factors that are unique to your business.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank insurers:
MoneyGeek used the following business profile to gather quotes:
Nationwide is the best insurer for workers' compensation insurance in New York. Compared to the other insurers we looked at, its insurance prices are the lowest. On average, businesses spend $126 each month on insurance.
This insurer has a strong track record of financial stability and few customer complaints. However, it takes an average of three minutes and a half to complete, which is substantially slower than the other insurers we evaluated.
For business owners in New York, Thimble offers the second-best workers' compensation insurance. Businesses pay approximately $191 monthly for coverage, the second-cheapest rate in the state.
When you are looking to compare options, Thimble can give prospective business owners a quote in less than a minute. It also offers good financial stability for paying out claims. However, since it receives more customer complaints than other companies, its customer service is not the best available.
With a monthly rate of $126, Nationwide offers workers' compensation insurance at the most affordable rates in New York. This rate is for companies with a staff of 20 and $1,250,000 in yearly payroll costs. Insurance rates are significantly impacted by payroll and employee count.
For businesses with 20 staff members and annual payroll spending of $1,250,000, Nationwide is our top recommendation for cheap workers' compensation insurance in New York, with an average rate of just $126 per month, or $1,511 annually.
Nationwide workers' compensation insurance is the best choice for business owners who have just started out and need to save money on operating costs or need reasonably priced coverage. However, if you are currently performing comparison shopping, its lengthy online quote process could be a deterrent.
To determine which insurance provider had the lowest monthly rates, we evaluated them according to their average monthly premiums, as shown in the table below. Remember that the ideal choice for your business may depend on other factors.
| Nationwide | $126 | $1,511 |
| Thimble | $191 | $2,288 |
| biBERK | $296 | $3,138 |
The top provider of workers' compensation insurance in New York is Nationwide, with an average rate of $44 per month for businesses with five or fewer workers.
Although payroll is typically the biggest expense impacting premiums, the overall number of employees has an impact on workers' compensation insurance prices. We found the best workers' compensation for micro-enterprises in New York by comparing estimates for a company with a five-person workforce and yearly payroll expenses of $312,500.
Nationwide offers the best workers' compensation insurance for small-sized businesses in New York. Businesses with a five-person workforce and $312,500 in annual payroll expenses should anticipate paying $44 monthly or $527 annually for coverage with Nationwide. Of all the insurance companies we looked at, this premium is the least expensive.
This insurer also boasts low customer complaints, which is reflective of its effective customer service. Although Nationwide's online quote approach isn't the most efficient, clients can still get a quote in roughly three and a half minutes.
The best workers' compensation insurance for businesses with about 100 employees in New York is provided by Nationwide, with a monthly rate of $511.
Payroll expenses, along with the number of employees, are a major factor in workers' compensation insurance prices. To find the top option for midsize businesses in New York, we analyzed data for a business with a staff of 100 and $6,250,000 in yearly payroll expenses.
When it comes to offering workers' compensation insurance to mid-sized companies in New York, Nationwide fares better than other insurance companies. For companies with a staff of 100 and payroll expenses of $6,250,000, this option offers a monthly rate of $511 or $6,131 yearly.
Nationwide is also the cheapest option for medium-sized businesses in New York, despite the fact that it does not offer an efficient online quote service to those who are evaluating their options. However, for a company with more than 100 employees, its excellent customer service and solid financial status are desirable.
For businesses in New York with 20 employees, the average monthly cost of workers' compensation insurance is $204. This is significantly higher than the comparable figure for the rest of the U.S., which is $168. Here are the policy limits we evaluated:
The insurance coverage provides up to $1 million for an incident and $1 million for each worker, up to the $1 million total policy limit. However, you will be liable for covering any additional lost wages or any medical costs that the worker incurs.
The number of employees and yearly payroll are two important variables that affect insurance rates. The table below illustrates how the price of workers' compensation insurance in New York fluctuates depending on the total number of workers.
How was this cost calculated?
To find the average cost of workers’ compensation insurance in Arkansas, we gathered quotes for three types of software development businesses:
| 5 | $71 | $810 |
| 20 | $204 | $2,312 |
| 100 | $865 | $10,381 |
Depending on the company's structure, workers' compensation insurance premiums can differ greatly. Some of the most common factors are the number of workers, payroll expenses, specific state restrictions, past claims and employee class code.
The majority of insurance providers charge a set amount for every $100 of payroll. The rate is set at the state level and varies by industry. Businesses with higher-than-average payroll expenses generally pay a higher rate. Compared to the rest of the states, New York imposed a cost in 2022 that was higher at roughly $2.15 for every $100 of payroll.
Your insurance costs may vary greatly depending on the number of employees you hire. Many employees increase the likelihood of workplace illnesses or injuries. The cost of workers' compensation insurance could increase as a result of this heightened risk.
A worker's class code indicates the kind of work they conduct; examples include consultancy or construction. The cost for this class code is calculated for every $100 in payroll. If you are in a high-risk sector, like construction, your rates will probably be more expensive than those in a sector with fewer hazards.
Insurers consider past claims when determining prices. Businesses with previous records of claims are viewed as carrying a higher risk. Workers' compensation claims are fairly common in New York. The New York private sector recorded 125,500 nonfatal workplace illnesses and injuries in 2021, according to the U.S. Bureau of Labor Statistics (BLS). The BLS reported that over 2.6 million nonfatal occupational illnesses and injuries occurred in the private sector on a national average during that same year.
Businesses with any number of employees in New York are required to have workers' compensation insurance in order to pay settlements for workers who get sick or hurt at work.
Some types of employers are exempt from having to get workers' compensation. Examples include particular types of relatives working for a family business, volunteers for specific charities, members of specific religious groups and specific farm workers.
Employers who violate workers' compensation rules or who fail to give employees the legally needed workers' compensation insurance may be subject to a variety of fines and penalties in New York. These can include:
The policyholder for workers' compensation insurance is the employer. This insurance provides several kinds of benefits to employees who get hurt or get ill while working, including:
The specific provisions of workers' compensation coverage may change based on the insurance plan, the type of injury or illness and other variables.
The New York State Workers' Compensation Board is a state agency that upholds workers' compensation legislation. It is in charge of making sure that regulations are followed, making it easier for injured workers to receive payments and settling arguments over claims.
The following steps can be used to submit a claim and receive benefits:
In New York, depending on the circumstances and the type of accident or illness, different procedures and legislation may be applicable when making a workers' compensation claim.
There are some considerations to think about when choosing the most reliable workers' compensation insurance provider in New York. Learn from answers to frequently asked questions workers’ comp.
In New York, Nationwide provides the best worker's compensation insurance, outperforming other insurance providers thanks to its high ratings for affordability and superior service to customers. However, the best insurer for you can vary based on your unique business needs.
The cheapest workers' compensation insurance in New York is provided by Nationwide, with a monthly cost of $126. Keep in mind that payroll and the number of employees have a big impact on insurance prices.
Even if they just have one full- or part-time worker, businesses in New York are required to acquire workers' compensation insurance to pay out claims for employees who become ill or injured at work.
Workers' compensation insurance in New York typically costs $204 per month. This is higher than the national average.
About Melissa Wylie
Melissa Wylie is the Content and SEO Manager at MoneyGeek, with nearly a decade of editorial experience and six years of work in financial content focused on small businesses. She previously held SEO positions at Bankrate and LendingTree, with bylines on ValuePenguin and MagnifyMoney.
Wylie has a journalism degree from the University of North Texas. Her strong foundation in journalism helps her craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
