New York Workers’ Compensation Rate to Decrease by 4.5%

If Approved, NY Employers Could Save $400 Million in Workers’ Compensation Costs

According to Newsday, “the cost of workers’ compensation will be about $400 million less in 2017-18.”

The New York Compensation Insurance Rating Board recommended a 4.5% workers’ compensation rate decrease, that is expected to be approved by the state Department of Financial Services, and go into effect on Oct. 1.

With the lower rate, changes to the workers’ compensation system will include: stronger protections for injured workers, more benefits for severally injured workers, and “virtual” hearings.

This is also good for businesses. Gov. Andrew M. Cuomo told the Insurance Journal that, “With this rate decrease, New York is providing real savings to businesses helping to make them more competitive.”

New York’s workers’ compensation system was established in 1914. Since, Friedlander Group has been in business for over 20 years. Join the leader of workers’ compensation in New York if you have a retail, wholesale, restaurant, hotel/motel, oil dealer, social services, or residential care business. Contact us today!

The Friedlander Group is the workers’ compensation leader in New York. If you have any questions pertaining to retail, wholesale. restaurant, hotel/motel, oil dealer, social service, or residential care workers’ compensation and have a business in New York: Westchester County, Nassau County, Rockland County, or Dutchess County, contact Friedlander Group at: 914.694.6000

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