Client FAQ

Why do I need workers’ compensation insurance in New York?

New York law requires employers to obtain and continuously carry workers’ compensation coverage for all employees.

Workers’ compensation insurance provides the added benefit of exclusive remedy, meaning an injured employee cannot make a tort liability claim against their employer as workers’ compensation is their sole remedy available.

What does a workers' compensation policy cover?

In the event that one of your employees is injured on the job through a sudden accident or an injury/illness over time, your policy will provide them with coverage for lost wages and medical expenses.  The covered medical expenses include, but are not limited to, emergency room/hospital stays, ongoing doctor’s appointments, diagnostic testing, physical/occupational therapy, prescription medication, and surgery.  In the event that an injury leads to an employee death, workers’ compensation also provides death benefit payments to eligible family members.

What is an Experience Modification and how is it determined?

The experience modification is calculated by comparing your actual claims to your expected claims based on your payroll and industry classification codes.  If your actual claims are more than expected, an additional premium is charged due to a debit experience modification factor greater than 1.00, and if they are less than expected, there’s a reduction in premium due to a credit experience modification factor less than 1.00.  Experience modifications are calculated annually by the New York Compensation Insurance Rating Board regardless of which carrier insures you.

Why should I join Friedlander Group?

We have saved thousands of our clients over $500 million and up to 46% on their workers’ compensation insurance since 1992.  We also have a team of industry leading experts that will provide you with the following comprehensive services: Claims Solutions, Fraud Solutions, Safety Solutions, Underwriting Solutions, and Audit Solutions.

How are dividends paid?

Dividends are paid approximately eight to nine months after the groups’ expiration dates directly from the New York State Insurance Fund, 199 Church Street, New York, NY 10007.

What are the pay plans that are available from the New York State Insurance Fund?

Clients have the option of paying 25% down and nine equal installments, and, if their annual premium is over $10,000, they can request the twelve equal monthly installments plan. New York State Insurance Fund also offers a PayGo program.

Our Claims Solutions Advisor is great at summarizing the information for management and is active in controlling claims. Your audit specialist has been incredibly efficient in coordinating the annual payroll audit from NYSIF. Both are value adds!