If your business has employees in the state of New York, then you're not only required to carry workers compensation insurance, but you'll also need statutory NYS disability insurance for your employees.
Just as New York requires disability insurance, a few other states throughout the country require employers with any employees to carry disability insurance. The New York Disability Benefits Law is part of the New York Workers Compensation Law. Disability insurance is offered through insurance carriers authorized to carry the insurance by the New York State Workers' Compensation Board. The State Insurance Fund offers disability insurance in addition to non-government affiliated insurance carriers. If your business is large enough, you can seek approval from the Workers Compensation Board to self-insure yourself for disability insurance.
So, if you own a business and have an employee working in the State of New York, you need to make sure that you comply with the NY Disability Law and secure disability coverage for your employee(s). Failure to maintain active disability coverage could result in a fine or other action from the state workers compensation board. Trust us, you do not want the state of New York sending you any letters regarding your failure to comply with the disability law.
New York State statutory disability, or NYS DBL for short, is a type of insurance that provides temporary cash payments to employees that are either injured or become ill off-the-job. It's important to note that the employee must not be engaged in employment, or working, when the injury or illness occurs. Otherwise, the employee's injury or illness should be covered by workers compensation insurance.
Disability insurance provides a weekly cash benefit to replace the wages that would have otherwise been earned if the employee was working. As of 2015, the amount of money that a disabled employee can receive in benefits is the lessor of 50 percent of the employee's average weekly earnings or $170 total per week. Additionally, during a 52 week time period, disability benefits can only be paid out for a maximum of 26 weeks.
How much does NYS disability insurance cost?
Relative to other business insurances, New York statutory disability insurance is very inexpensive. Once your business employs over 50 employees, the cost of disability insurance changes. But, if you employ less than 50 employees, the cost of disability insurance is a set rate per male employee and per female employee. This rate varies from insurance company to company. The rate per male employee is typically less expensive than the rate per female employee. But either way, the cost of disability insurance is relatively inexpensive.
For instance, in 2015 the rate for males may range from around $2 to $4 per month for each male employee, and the rate for females may range from approximately $5 to $7 per month for each female employee.
There are many different insurance carriers that offer New York State statutory disability benefits coverage. InsuranceTrak works with many of these carriers and can help you shop the best NYS disability insurance quotes from multiple NYS disability insurance companies. Whether you just have one employee, or 100, InsuranceTrak will work vigorously to find you the least expensive quote by shopping with an expansive network of insurance companies.
Call us for a quote today and see why thousands of New York businesses have turned to InsuranceTrak Services for their NYS DBL insurance needs!
In addition to disability, InsuranceTrak is here to service all your business insurance needs!
Search and select your state below to see specific information by state and then an overall guide to car insurance.
Your time is valuable, contact us and save it. We will be happy to advise you about the best options for your case in the blink of an eye! Being covered should not wait.Get a quote