Workers’ compensation insurance protects employers from liability for on-the-job injuries resulting in employee disability or death, providing injured workers with monetary relief and medical benefits, or, in the case of death, survivor benefits to their dependents.

The Workers’ Compensation Law became effective in New York on July 1, 1914. The law is administered by the NYS Workers’ Compensation Board and specifically spells out the employers obligations as well as who is covered by the law. Under the law, an employer is obligated to provide workers’ compensation in one of three ways:

  1. By buying insurance from The New York State Insurance Fund (NYSIF). NYSIF was created to provide workers’ compensation insurance as an alternative to options two and three below. NYSIF is the largest carrier in New York State.
  2. By insuring with a private insurance carrier, or
  1. By self-insuring, or as a member of a self-insured trust. Employers who qualify to self-insure must follow the express requirements of the law and meet requisite financial standards.

The New York Workers’ Compensation Act is compulsory for all private and public employers. Although there are exceptions, most employers of at least one person are required to carry coverage for their employees. Individual proprietors and partners themselves are not automatically covered; they may elect to be covered. The same is true for partners of Limited Liability Partnerships and Limited Liability Companies.

Officers of corporations are considered employees of the corporation; they are automatically covered. If a corporation with one or two executive officers has employees requiring coverage, either one, or both, of the officers may elect to be excluded from coverage, provided the one or both officers own all of the issued and outstanding stock and hold all executive officer positions in the corporation.

Employers must demonstrate compliance with the WC Law by prominently posting form C105 Notice of Compliance at each Employer’s place of business.

CS Plus can gather quotes for your consideration. In order to obtain a quote, we generally need information about the duties of your staff as well as the annual salary associated with those staff. We encourage you to contact us by phone or email to learn more about this compulsory insurance.