Workers’ Compensation Insurance for Businesses

Workers’ compensation insurance, a no-fault system that provides wage replacement benefits and lifetime medical care for work-related injuries and illnesses, is mandatory for most New York State employers of one or more employees.

Workers’ compensation insurance covers:

• Health care related to an employee’s injury
• Cash benefits of two-thirds of an employee’s average weekly wage, up to a maximum
• Travel expenses to and from health care appointments

Why You Should Obtain Workers’ Compensation through GTM

GTM Payroll Services offers workers’ comp for our clients’ convenience. Our affiliate, GTM Insurance Agency​, can help employers obtain workers’ compensation insurance.

As a broker, GTM Insurance Agency works on your behalf to shop quotes from various carriers to provide you with the most competitive and pre-qualified options.

GTM also offers pay-as-you-go (PAYGO) workers’ compensation solutions. This innovative premium payment method presents small businesses with enhanced cash flow benefits and flexibility.

By switching from the conventional upfront lump-sum premium model to PAYGO, employers can now conveniently make more frequent, proportionate workers’ compensation premium payments based on their real-time payroll data, empowering them to better manage their finances and optimize cost management. This also eliminates premiums based on projected payrolls for the policy term, which can lead to overestimations or underestimations and surprise costs at the end of the policy period.

Payroll integration enables automatic and real-time reporting of payroll data to the insurance carrier. As a result, employers no longer need to manually submit payroll data, reducing administrative burdens and the likelihood of errors.

Other benefits include streamlined administration, reduced costs, enhanced compliance and reporting, and simplified claims processing and risk management.