The New York State Department of Financial Services approved a workers comp insurance rate change effective October 1, 2015.

NY workers comp insurance carriers must notify employers 30 days before a rate increase or decrease so take a look at recent notifications from your insurance company concerning your policy to find out how this change will affect your workers comp class codes.

The legislative changes included an overall 5.9 percent loss cost increase as well as an increase in the terrorism loss cost provision to $0.045 per $100 per payroll.

For many New York employers, this latest change will represent an increase in workers comp rates; however, it is important to note that rates are still calculated and based on loss experience for each specific classification.

That means that some workers comp class codes will increase in costs while others will decrease or stay the same. Insurance company actuaries calculate rate increases and decreases on an individual class basis in order to accurately reflect the right cost relative to class experience.

In light of these changes to New York workers comp insurance rates, it’s important to review your existing policy premiums and coverage. Here at Enforce Coverage Group, we offer free policy review to help you understand your options for workers comp, and we’ll work to get you the best coverage possible at affordable rates for your budget. Give us a call today or fill out our workers comp questionnaire to get started.