New York State Insurance Fund
New York businesses have access again to low-cost workers’ compensation coverage thanks to new legislation.
Governor Kathy Hochul signed a bill restoring the ability of thousands of businesses in the state to access workers’ compensation coverage through the New York State Insurance Fund.
New York law requires businesses to secure workers’ compensation coverage, which most obtain through NYSIF or a private insurer. But unlike private insurers, NYSIF insures any employer that applies for coverage regardless of risk at the lowest possible cost to maintain a solvent fund. NYSIF may only cancel a policy for non-payment of premium and until now was precluded from re-issuing a policy to a business that owed it premium.
The new law will enable NYSIF to issue a policy to a business with an outstanding balance, allowing the company to pay the owed premium under an installment plan. In doing so, the legislation will give more than 3,000 New York businesses renewed access to the largest segment of the low-cost insurance market, generating an aggregate of $8 million in potential premium savings, or an average of approximately $2,000 per policyholder.
Under the new law, policyholders can work with NYSIF to establish a payment plan ,for both the outstanding balance and premium on the new policy. All companies must also meet NYSIF’s general underwriting standards. For more information visit www.NYSIF.com
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