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Best NY Workers’ Compensation Insurance

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Best NY Workers’ Compensation Insurance

Did you know most of our readers choose The Hartford for their professional and business insurance needs?

Workers’ compensation insurance helps protect employees who face workplace injury. It can also protect your company from paying hefty fees in insurance claims and lawsuits. This type of insurance covers the expenses of a workplace injury, from employee health care bills and loss of wages to employer legal fees.

This guide walks you through everything you need to know as an employer about workers’ comp insurance in New York. It explains the laws, costs and benefits associated with workers’ comp insurance and reviews the top NY workers’ compensation insurance.

Quick Look: The Best NY Workers’ Compensation Insurance

  • Zurich
  • #1 Provider of Workers’ Comp for Small Businesses: Hartford
  • Industry-Specific Specialized Protections: Liberty Mutual
  • Best for Staying Compliant With State and Federal Regulations: biBERK

Best NY Workers’ Compensation Insurance

Now that you understand how workers’ comp insurance plans work in New York, you’re ready to start comparing carriers. We’ve highlighted the top 5 providers in the Empire State and grouped them into categories to help you find the perfect fit.

1. Zurich

Zurich is a well-known name in the insurance world, offering a variety of liability services, as well as workers’ compensation coverage. This insurance provider has affordable coverage options available for companies with more than 100 employees, offers stopgap coverage to get your employees the money they need right away and offers risk mitigation services to help prevent or reduce the severity of workplace injuries.

Large companies with other insurance needs like management risk, builders risk, accident and professional liability coverage can combine all of their plans into one with Zurich.

Get started securely through Zurich Insurance’s website

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2. Hartford

If you’re a small to mid-size business in New York looking for the best rates and service for workers comp policies, you’ll want to check out the Hartford. The Hartford is a top-rated commercial insurance carrier, offering services like workers’ comp and liability.

It offers many inclusion services, like stopgap coverage, voluntary compensation and extended injury reporting (allowing work accidents to be reported in 60 days, instead of the standard 30). This carrier can best accommodate the needs of administrative businesses like offices. It also offers discounts for bundling insurance packages.

Best For

#1 provider of workers comp for small businesses

Get started Call Now securely through The Hartford’s website

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Best For

#1 provider of workers comp for small businesses

1 Minute Review

The Hartford is a leader in casualty and property insurance as well as workers compensation coverage. It brings more than 200 years of experience in developing and providing insurance products. The company uses a quote-based pricing scheme to offer insurance in 2 main segments: commercial and personal lines.

Its commercial segment serves over 1 million small businesses. The personal segment offers only nationally-endorsed home and auto insurance through the AARP® Insurance Program. The Hartford sells its products mainly through a network of independent brokers and agents.

The company is also a 12-time honoree for the world’s most ethical companies according to The Ethisphere Institute. It delivers the name recognition and reputation of an experienced insurance carrier.

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Best For

  • #1 provider of workers comp for small businesses
  • Those looking for an experienced insurance provider
  • Multiple coverage options with 1 carrier

Pros

  • More than 200 years of insurance experience
  • Provides online quotes
  • Has a solid financial rating
  • Offers a wide range of commercial insurance products

Cons

  • Pricing is entirely quote-based

3. Liberty Mutual

Liberty Mutual has a distinct advantage over many other large insurance companies — local service. With local agents all across New York, your company will be matched with an insurance partner designed to help meet your specific needs.

It will also work with your company on risk assessment and preventive measures to make your company a safer work environment. This insurance company has a high consumer rating and offers services best for large, low-risk companies, like retail shops or accounting offices.

Best For

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Industry-specific specialized protections

get started securely through Liberty Mutual’s website

Best For

Industry-specific specialized protections

1 Minute Review

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Business owners who are looking for a wide range of coverage options are likely to find everything they need through Liberty Mutual. From worker’s compensation coverage to protections against acts of terrorism, there are very few coverages that Liberty Mutual isn’t able to offer. While you might pay a bit more for your coverage with Liberty Mutual than you would with a smaller insurance provider, you might appreciate the company’s wide range of local branches and easy-to-operate mobile offering.

Best For

  • Any type of company that needs specialized protections
  • Companies that need multiple coverages
  • Companies looking for help customizing their policy

Pros

  • Massive list of coverages and coverage options
  • Top-quality customer service
  • Ability to work with independent agent

Cons

  • Premiums may be more costly

4. biBERK

Owned by Berkshire Hathaway, biBerk is an online insurance provider designed to meet your company’s specific insurance needs. With a 3-step coverage process, your company can purchase workers’ compensation insurance quickly and easily.

Depending on your industry and location, you might even receive a 20% discount by purchasing workers’ comp insurance online. This insurance provider is well known for its simple application process and high level of service, but rates may be slightly too high for some small business owners.

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Best For

Staying compliant with state and federal regulations

Get started securely through biBERK’s website

Best For

Staying compliant with state and federal regulations

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1 Minute Review

biBERK is dedicated to providing small businesses with top-tier, cost-effective insurance. Customizable policies are sold directly by biBERK, so you can save on coverage for almost any business imaginable.

Best For

  • Small businesses

Pros

  • Sells insurance policies directly
  • Strong financial backing
  • Cost-efficient policies

Cons

  • Only business policies
  • No additional discounts
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New York Workers’ Compensation Insurance: An Overview

In New York, it is almost always required that companies obtain workers’ compensation insurance to protect themselves and their employees, both full time and part time. Workers’ compensation insurance is no-fault insurance that will cover both parties during most workplace accidents.

Not all workplace accidents are covered by workers’ comp insurance. Here are a few examples of injuries your insurance plan won’t pay for:

  • Injuries while commuting to or from work
  • Injuries obtained offsite
  • Injuries caused by the use of illegal substances

Here are a few important statistics to consider about workplace injuries in New York:

Workers’ comp insurance is mandatory in New York. Here are some quick facts: 

  • Number of fatal injuries annually: In the United States, 5,190 workers died due to work-related injuries in 2016. In New York, 272 workers died due to occupational injuries.
  • Employers cost per $100 of covered payroll: The cost for employers per $100 of covered payroll in 2016 in New York was $1.50.
  • National ranking (1= largest % increase from 2012-2016): New York ranks 9th in the country for the largest percentage of increase in the cost of workers’ compensation insurance.
  • Low rate per $100 in payroll: The low rate per $100 in payroll for clerical employees in New York is $0.07.
  • High rate per $100 in payroll: The high rate per $100 in payroll for labor employees in New York is $29.93.

How Does NY Workers’ Compensation Law Work?

Workers’ compensation insurance is a type of insurance coverage purchased by businesses to protect employees. This insurance offers protection against expenses relating to healthcare, rehabilitation, disability (short- and long-term) and fatalities caused by workplace injuries. 

In New York, workers’ compensation insurance is mandatory for all businesses to provide to their employees, with a few exceptions. Employers without workers’ comp insurance in the Empire State can be fined a penalty fee of $2,000 per 10 days of noncompliance, along with being charged for the full amount of an employee’s work-related injury expenses. Additional noncompliance charges may apply, as well.

Although workers’ comp insurance is generally mandatory, there are a few exceptions to this rule. Sole proprietors or business partners without employees are not required to purchase workers’ comp insurance but can purchase it for themselves if they choose. If you begin to hire employees, however, this purchase becomes mandatory.

New York is a no-fault insurance state, which means that when an accident occurs, the employee will still receive their benefits regardless of who is at fault. Most insurance companies require employees to report workers’ comp accidents within 30 days, though some extend the window to 60 days. An employee claim or C3 form will be filled out when an accident is reported.

Employer Cost for Workers Compensation

When deciding on workers’ compensation insurance, you’ll likely be focused on price. It’s important however to balance your workers’ needs with your own budget before simply settling on the most affordable insurance option. Be sure to thoroughly research your coverage options and compare plans before making a decision.

The price of workers’ compensation in New York is the highest in the country. Prices will vary depending on your industry. While most states use the National Council on Compensation Insurance (NCCI) to determine rates and review workplace data, New York uses its own rating board — the New York Compensation Insurance Rating Board.

Let’s look at what you can expect to pay for your workers’ comp insurance using the data below. Please note, this table assumes you have at least 5 employees and pay a state fee of $250.

Class Code Class Code Description Rate Annual Pay State Fee Annual Employer Premium
0042 Lawn Service and Maintenance $9.21 $26,920 $250 $13,646.65
5102 Metal Building Construction $19.49 $48,700 $250 $48,708.15
5190 Electrical Work- Electrician $8.37 $55,190 $250 $24,347.00
7720 Security Guards- Patrol Officers $3.69 $28,041 $250 $6,423.55
8869 Child Care Center- Daycare Providers $1.43 $24,610 $250 $3,009.60

This section assumes the employer has 5 employees and the Experience Modifier is 1.

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4 Types of Workers’ Comp Benefits

When an employee receives workers’ comp, there are 4 main types of benefits they might be eligible for. They include:

  1. Wage replacement benefits: This benefit allows workers to receive a portion of their salary if they’re unable to work due to an occupational injury or illness. Workers won’t receive their full wages, but will instead receive 2/3s of their previous gross salary. You must be unable to work for 7 days to claim this benefit.
  2. Permanent partial disability benefits: Also known as a supplemental benefit, permanent partial disability benefits allow workers to obtain wages or a lump sum of money in the event of a serious injury in the workplace. In order to qualify, a worker’s doctor must show evidence that the injury will permanently impact a worker’s ability to perform their job long term.
  3. Vocational rehabilitation benefits: When a worker is no longer able to work in their field of occupation due to an injury or illness, vocational rehabilitation benefits can help them obtain training for a new occupation. The money supplied by this benefit might cover training, job counseling or even trips to job fairs and interviews.
  4. Medical benefits: New York workers are entitled to full medical benefits, as needed, under New York workers comp law. Medical benefits cover healthcare-related expenses, like hospital fees, doctor’s visits, prescriptions, physical and occupational therapy sessions, medical supplies and more. Injured workers may need to visit doctors covered in-network, based on their employer’s plan.

Find Affordable Workers Compensation in New York

Don’t put your employees’ safety at risk. Workers’ compensation is not only required by New York law, but it can provide the funds and reassurance your employees will depend on if a workplace accident were to occur. Shop around before selecting a workers’ compensation insurance plan to ensure you’re getting not only the best price but all of the coverage you need. Be sure to compare traditional insurance plans with online coverage.

Frequently Asked Questions

Who pays for workers’ compensation insurance?

Employers generally pay for workers’ compensation insurance to protect their employees.

Does workers’ compensation pay for medical bills?

Yes, workers’ compensation pays for medical expenses incurred after a work-related injury. Workers’ comp also replaces income lost by the employee during their recovery.

Benzinga crafted a specific methodology to rank workers comp insurance. We prioritized carriers based on coverage options, specialized industries, customer service experience and how quickly and easily you’re able to get insured including online tool usage. We also included workers comp insurance quote aggregators in lists to make it easy and efficient to compare policy quotes and options. To see a comprehensive breakdown of our methodology, please visit see our Workers’ Compensation Insurance Methodology page.

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The construction industry reports the most injuries and workers’ compensation claims in 38 out of 50 states.

Second place goes to the forestry industry, followed by the transportation industry. By law, businesses with more than 1 employee must carry workers’ compensation insurance. Workers’ compensation insurance protects both your business and employees and creates a safety net for wage replacements and medical benefits.

Use our calculator to determine how much workers’ compensation will cost you and your business.

Sources

  • Injury Facts
  • National Census
  • Facts + Stats

Metaverse

Dubai Couple Ties The Knot In The Metaverse

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Dubai Couple Ties The Knot In The Metaverse

A Dubai based couple has decided to be wed in the metaverse after legal problems stemming from their nationalities initially forced them to tie the knot in Georgia in 2019. After the wedding, the couple said they will use their own experience to help others get married in the metaverse as well.

The Metaverse After Wedding Party

After encountering legal troubles registering their marriage, Florian Ughetto, a French national residing in Dubai and his fiancee, Liz Nunez, were reportedly planning to wed in the metaverse on May 19. The couple said the decision to tie the knot in the metaverse comes nearly three years after they got married in Georgia.

According to a report by the Blockchain Group, the couple’s wedding outfits were acquired via Opensea, a non-fungible token (NFT) marketplace. The report also said 20 of the couple’s closest friends would join them via the metaverse.

Explaining the steps that the couple will take exchanging vows, the report said the soon-to-be husband and wife would go to a location in the metaverse for the after-wedding party.

Metaverse Wedding Company

As per the report, the couple got married in Georgia in 2019 after they encountered problems registering their union locally due to their nationalities.

“That is one of the reasons why we chose to fly to Georgia to register our marriage,” the report quotes Ughetto explaining.

Meanwhile, the report said the couple has since established their wedding planning company that will specialize in virtual weddings. The couple hopes to use their metaverse wedding experience as a test run.

While the final cost of the ceremony has not been revealed, the report estimates this to be over $800 or DH3,000.

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What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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CBC

Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

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Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added.

Government of Cyprus to Submit ‘Attractive’ Crypto Bill

Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with the local fintech community. The event was devoted to digital assets, entrepreneurship and financial technology.

Commenting on the future of digital assets in Cyprus, including cryptocurrencies, the minister walked a fine line between embracing innovation and having to pay heed to laws, the Cyprus Mail wrote in a report on Thursday. Quoted by the English-language daily newspaper, Kokkinos elaborated:

I can tell you that Cyprus welcomes the use of digital and crypto assets, but we still need to be very careful and respect not only the regulations currently in place but also the absence of any regulations.

The government representative gave an example with Malta, the regulatory framework of witch attracted many crypto companies and investors but also led to increased scrutiny and investigations into some of its companies and banking institutions. “We have to be careful of the frameworks of the European Union since we are a member state,” Kokkinos emphasized.

The deputy minister then revealed that the Cyprus government has already drafted a “very attractive bill on crypto assets.” The legislation has been published and interested parties can review it, he pointed out. The executive power has also commissioned a New York-based firm to assist the island nation with the implementation of the regulations.

“Our challenge is not being aligned with the EU, it’s about the dilemma of whether to wait for the ECB to finalize their own regulatory framework or do we go alone on our own, with the former scenario also involving the possibility of that framework being overregulated,” Kyriacos Kokkinos remarked. “My answer is that we will go at it alone while respecting the rules,” he added.

The deputy minister acknowledged that certain challenges exist, including some disagreements between the government and the Central Bank of Cyprus (CBC). “We must remember that the CBC is subject to the ECB and central banks tend to be conservative, so our job is to challenge them through the debates we are having with them,” he told the audience at the event which took place in Larnaca.

Tags in this story

CBC, Central Bank, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Cyprus, deputy minister, ECB, EU, European Union, Fintech, Government, innovations, legal framework, Regulation, Regulations, rules

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Do you expect Cyprus to introduce crypto regulations before the European Union? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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AVAX Hackathon

MetaOasis AVAX Hackathon News Report

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MetaOasis AVAX Hackathon News Report

press release

PRESS RELEASE.

MetaOasis Wins the Double in Hackathon Competitions

Three months ago, MetaOasis won the championship in Metaverse Alliance 2021 Global Metathon. Three months later, MetaOasis got the most votes and beat 112 competitors in the recent Avalanche Asia Hackathon. Therefore, MetaOasis will become the first project that wins the double in international hackathon competitions in the gamefi history.

What worth mentioning is that Avalanche Asia Hackathon set up an algorithm mechanism which can prevent repeated voting. That’s to say, all votes were from loyal supporters of the project, which makes the votes be of great value, and it also shows that MetaOasis deserve the championship by having the strength with strong and real user base.

Who is the Champion-MetaOasis?

MetaOasis is the next-generation game publishing platform linking Web2 and Web3. Meanwhile, MetaOasis will launch the first self-developed big game, making it the core to gather excellent game around the world into MetaOasis.

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As the first gamefi that can provides players with a rich and interesting experience like traditional games, MetaOasis is confident that it will attract more traditional players into the platform. Moreover, a series of revolutionary initiatives within the platform will continue to help users and empower developers.

For Users: Low Threshold but More Fun

MetaOasis built a “buffer zone” for new users, especially for the traditional internet users to come into WEB3.0. Through the innovative “inter-linked account” mechanism, “buffer token” mechanism, and compatible with the traditional game IAP (In-App Purchase) channel, users can choose either quick registration to experience the platform first or immediate registration for blockchain wallet, which avoids traditional users’ excitement diminishing due to the learning difficulty and financial risks of entering the blockchain space, and enables users to enter the WEB3.0 world more smoothly.

MetaOasis used a professional game engine, and through the disclosed video, we can see the definition of MetaOasis’s frames is at a high level. Moreover, MetaOasis is built by a mature R&D game company with more than 100 employers and a blockchain technology team. Therefore, different from other gamefi which are not attractive enough, MetaOasis offers multiple ways for players to play: battle, construction, exploration, collection, mission, social, etc. For example, MetaOasis encourages players to participate in social activities as well as challenging others in the form of parties, or occupy other players’ lands, and eventually get the rewards! MetaOasis makes gamefi get back to game, and allows players to have fun.

For Developers: More Users, Stronger Empowerment

MetaOasis is not only a platform to create content for professional R&D teams, but also a series of strong empowerment by offering instruction of gamefi change for researchers and developers.

NFT Interoperation

MetaOasis changed the situation that different gamefi NFTs are unable to inter-operate with each other with a well-designed solution MNP30(MetaOasis NFTs Protocol, as shown below) for the industry. In a few words, it allows users to accumulate and interoperate their NFTs owning in different games of the platform or other achievements by building a set of exchange standards and protocols, and this will lower the threshold of repeated user investment to a certain extent and also make the value of user accumulation more sustainable.

SDK for Multiple Platforms and Development Tools

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High-qualified content is the key to attract users, therefore MetaOasis hopes that developers focus on applications or games, and provide a series of SDKs for developers to deploy mechanisms without too much effort. Moreover, the SDK is suitable for a variety of platforms and development tools, which means that whether it is a project for WebGL or a traditional game developed by Unreal or unity, it can all be covered. At the same time, based on open digital identity and home, MetaOasis will also offer some development tools to users, allowing all users participate in UCG development.

Sharing the Platform Ecosystem

Content-creators can share the advantages of the platform ecosystem in community traffic, marketing, technology resource, etc, making their works being more likely to be approved in the market. Those contents approved by most people will be shown in the MetaOasis metaverse in the form of special stars, building a game world which keeps developing and changing, together with mainverse games.

Overall, MetaOasis has shown the potential to truly become a next-generation game publishing platform, giving us a glimpse of the new development direction and prosperity of the gamefi ecosystem. Meanwhile, Project CH, the first core project of MetaOasis, has also revealed a large number of milestone achievements with high degree of completion and complexity, which gives us every reason to expect that an epoch-making project will come out soon.

About MetaOasis

MetaOasis is the next-generation game publishing platform linking Web2 and Web3. MetaOasis reduces the entry threshold of Web2 users by building the infrastructure of Web2 and Web3 integration and also provides a series of tools for Web3 game developers to solve user login and payment problems. Allow developers to focus on making products.

Meanwhile, MetaOasis will release the main universe game that meets the game’s specifications as well: Project: CH, and self-developed ecological games such as “Puzzle Game” and “Embassy Planet” are already online.

Contact

Official Website: https://www.metaoasis.cc/

Twitter:https://twitter.com/Metaoasis_ @Metaoasis_

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Discord: https://discord.gg/metaoasis

Telegram: https://t.me/metaoasis

Medium:https://metaoasis.medium.com/

Reddit: https://www.reddit.com/user/Meta-oasis/

Youtube: https://www.youtube.com/channel/UCGLcR_Q72Uvpjf-NDuLgc6Q/featured


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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