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Workers’ comp insurance premiums to drop by 22%, NYS says
The governor's office says workers' compensation premiums will be reduced by 22 percent beginning on Oct. 1. (Photo by Depositphotos)
The governor's office says workers' compensation premiums will be reduced by 22 percent beginning on Oct. 1. (Photo by Depositphotos)
Workers’ comp insurance premiums to drop by 22%, NYS says
The average employer in New York State will see a reduction of 22 percent in workers’ compensation insurance premium rates, according to Gov. Kathy Hochul‘s office.
The rate reduction was approved last week by the Department of Financial Services and will go into effect on Oct. 1 and is expected to reduce costs by an average of $1,779 per policyholder.
The rate is calculated by dividing the total estimated annual expenses of the Workers’ Compensation Board by the total estimated statewide premium. Insurers are required to apply the assessment rate to their premium or premium equivalent, the governor’s office said.
Measures to enhance workplace safety and more flexible working conditions have been successful in reducing costs to businesses and have especially benefited our small businesses,” Assemblymember Harry Bronson (D-Rochester), chair of the Assembly’s Labor Committee, said in a news release. “This will help our businesses, but there is more work to do to bring balance to our Workers’ Compensation system.”
Continuing to speed up the process for payment of benefits to injured workers is one of those issues Bronson said he is addressing. Improvements in the submission process — including the transition to electronic filing of forms — already have been implemented.
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