NEW YORK—Workers’ compensation premium rates for New York state employers will be reduced for the first time in four years. The rates, adjusted annually, will decrease by 1.2 percent at the start of the next policy year.
“At a time when many states are gutting their workers’ compensation systems, New York is working to continually improve our workers’ compensation system for employers and employees,” said Benjamin M. Lawsky, New York state superintendent of the Financial Services.
A variety of factors determine the premium rates, such as experience in the marketplace, cost-cutting measures, and new policies and procedures.
At the same time, the final measures of the 2007 Workers’ Compensation Reform Law, which give benefit increases for injured workers and cost reductions for businesses, have been implemented by the state.
Robert Beloten, chair of the state’s Workers’ Compensation Board, said the changes to the legislation have made a difference.
“Prior to the reform, lost wage benefits were insufficient for injured workers, yet the system has had uncontrollable medical and indemnity costs,” Beloten said in a press release from Gov. Andrew Cuomo’s office. “It was an unsustainable system that did not work for the employer or the injured worker.”
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