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Are workers’ comp premium rates going to change in New York? It looks like yes, given that the New York State Insurance Department has approved a 7.7 percent increase in loss costs for workers’ comp. This increase will go into effect as of October 1.
Why is this loss cost number going up? According to a senior policy advisor, wage-replacement benefits were the single biggest driver of the increase. What does this mean in layman’s terms? All that money that your employer is supposed to pay you if you can’t work to replace your lost wages is turning out to be more expensive than the insurance bean-counters thought it would be.
This means that workers’ comp premium rates will likely increase for New York employers. Does this mean anything for workers? Only if your employer decides to cut back elsewhere to pay for a premium increase.
The combination of a bad economy and a potential premium rate increase could mean that some unscrupulous employers will be looking for ways to avoid paying their full premium amount or they’ll be fighting harder against workers’ comp claims.
If you’ve been injured on the job, it is important that you fight for the benefits you need and deserve no matter what your employer says. We all pay into the workers’ comp system, so you deserve to receive those benefits if you are hurt on the job.
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