NYS Assessment Changes with 2013-2014 Business Relief Act As part of the 2013-2014 NYS Budget, Governor Cuomo signed the Business Relief Act into law. The Business Relief Act brings changes to the NYS Workers’ Compensation system. These changes are aimed at saving employers nearly $800 million. NYS Assessment Changes: What Does it Mean? The most notable change taking place as … Read More
NYC Workers Comp Rate Changes for 2014- NYS ASSESsMENT
NYC Workers Comp Rate Changes for 2014-NYS ASSESSMENT A 9.5% NYC Workers Comp Rate increase has been approved by the New York State Department of Financial Services effective 10/1/2013. As mentioned in our previous posts this is an average. Some classes will be lowered and many will be increased. The biggest change effecting the Workers Comp Market is that they … Read More
NYS Workers Comp Pay as You Go Right Choice for Cash flow
NYS Workers Comp “Pay as You Go” Right Choice for Cash flow NYS Workers Comp billing has come a long way in the last 10 years. Traditionally Workers Comp Premiums are estimated at the beginning of a policy year based on what the business owner projects as his anal payroll. The carrier then offers installments based on that estimate. Although … Read More
New York Workers Comp Choices Narrowing for Contractors
New York Workers Comp Choices Narrowing for Contractors Contractors trying to obtain New York Workers Comp either for the first time or due to the fact that they have been cancelled for any or one of the following reasons: non pay, underwriting reasons, adverse loss experience on their New York Workers Comp policy provided by a private carrier; are finding … Read More
NY Workers Comp Loss Cost Proposed 16.9 % increase by NYCIRB
NY Workers Comp Loss Cost Proposed 16.9 % increase by NYCIRB On June 25, 2013 the NYCIRB or NY Workers Comp Insurance Rating Board held a hearing to propose a 16.9% loss cost increase. After the 2007 Workers Comp reform NY Worker Comp went to a Loss Cost Filing system. Which in simple terms means that the NYCIRB determines a … Read More
Workers Comp Experience Modification Factors NY, NJ,CT
Workers Comp Experience Modification Factors NY, NJ, CT Ever wonder about that mystery line item on your Workers Comp policy declarations page called Experience Modification or Mod factor? This is actually one of the key factors in determining the cost of your Workers Comp insurance. The Experience Modification factor uses an employers past experience to determine future losses. It’s … Read More
Workers Comp Claims NY,NJ,CT :Taking the Bull By The Horns
Workers Comp Claims NY, NJ and CT: Taking the Bull By the Horns If you are a business owner have you ever addressed the question: What do I do when one of my employees becomes injured at work? Most likely you are so busy juggling all the components that go into making a business turn a profit that you never … Read More
NYS Workers’ Comp Rate Changes for 2012-2013
NYS Workers’ Comp Rate Changes for 2012-2013 The New York Compensation Insurance Rating Board issued a bulletin on July 23, 2012 outlining changes to the NYS Workers’ Comp Assessment. The bulletin also included information regarding the continuation of current NYS Workers’ Comp rates in 2012. NYS Workers’ Comp Assessment Decreases 1.4% in 2012 The New York State Assessment charge, which … Read More
New York Pay As You Go Workers Comp
Increase Cash Flow and Eliminate Audit Head Aches In this economy the phrase “cash is king” has never rang so true. With banks tight on lending , bills and insurance premiums rising a small business with cash flow will survive. For small business owners subscribing to a PAY AS You Go Workers Comp program is a great way to control … Read More
NY Workers Comp majority Ownership Interest- Multiple Companies on Same Policy
Multiple Companies on Same Policy In the NY workers Comp employers liability manual the term ” Majority Ownership Interest ” comes into play when an existing Entity ; which can be and individual, partnership, joint venture, corporation , association, LLC, or other entity; seeks to have more than one company on the same Workers Compensation Policy. Many employers do not … Read More
NY Workers Comp Rating Board Requests 10.4% Rate Hikes for 2012
Every year the NYCIRB or New York Compensation Insurance Rating Board requests a NY workers comp insurance rate increase or rate decrease from the N YSID (New York State Insurance Department). In 2011 the NYSID approved a 7 % rate increase across all classes of business which took effect on October 1,2011. On May 13,2011 the Work Comp Rating Board requested … Read More
NY Workers Compensation Maximum Weekly Benefit Set To Rise
Maximum NYS Workers Comp weekly benefits surge to $772.96 New York State Rating Board has announced that based on the New York State Department of Labor’s Research and Statistics Division’s findings that for the calendar year 2010 the average NYS weekly wage was $1,159.44. Workers Compensation Law states that after July 1st 2010 workers compensation benefits will be based on two-thirds of the NYS average weekly … Read More