Workers’ Compensation Cost Reduction Approved
Rochester Chamber members concerned about high workers’ compensation costs have received some positive news. The New York State Department of Financial Services has approved an 11.7% reduction in workers' compensation loss cost rates intially proposed by the New York Compensation Insurance Rating Board. Loss costs are the actual claim expenses for workers' compensation coverage established by New York's Insurance Department and serve as the basis for setting future workers’ compensation premiums.
On a system estimated to be approximately $10 billion in size, a reduction of this magnitude could translate to employer savings of up to $1 billion annually. The reduction will be factored into workers’ compensation premiums starting in October 2018.
The Greater Rochester Chamber of Commerce Workers’ Compensation Committee has been in existence for more than 20 years and played a significant role representing Rochester Chamber members and the employer community on this issue. Co-chaired by Brian Trick from Wegmans and Dr. Jim Tacci, and comprised of workers’ compensation experts from 26 member companies, the committee focuses its efforts on education and advocacy on behalf of the employer community.
Over the past several years, more than 100 Rochester Chamber members have recently contributed to our advocacy efforts through survey participation, conversations with Workers’ Compensation Board officials, legislators, and the media and by adding their names to coalition letters. Your voice helps make a difference. We will continue to remain active on this issue and keep you updated. Click here to see a list of our latest actions on workers' compensation reform.
Thank you for your continued support.
For information, contact:
View Workers' Compensation in NYS: Did 2007 Reforms Make a Difference? (Center for Governmental Research, October 2012)
For more information on New York government, refer to these resources: