State Lowers Workers Comp Rates

Employers will be paying less this year for workers compensation premiums.

According to a statement from Governor Andrew Cuomo the New York Compensation Insurance Rating Board, a non-governmental rate service organization has submitted an overall workers’ compensation rate decrease of approximately 4.5 percent, which will save New York employers about $400 million this year in workers’ compensation premiums.

The rate submission must still be reviewed and approved by the Department of Financial Services and, if approved, would become effective October 1, 2017.