New York to Lower Workers’ Comp Rates by 1.2%

New York Gov. Andrew Cuomo announced on July 17 that New York State employers will see a reduction in workers’ comp premium rates.

The governor said rates to policyholders will see a decrease of 1.2 percent in the upcoming policy year. It would be the first time since 2008 that New York employers will see a drop in workers’ comp premiums.

He also said the last measures of the 2007 Workers’ Compensation Reform Law, which secured necessary benefit increases for injured workers and cost reductions for businesses, have been fully implemented.

The New York Financial Services Department says the administration has been working to “improve efficiency and decrease waste in the workers’ comp system,” which allowed the rate cut and the expedited implementation of the reforms.