Will Minimum Wage Hikes Increase New York Workers Comp?

Caroline VegaCostsLeave a Comment

NY Workers Comp Rates May Rise

New York workers comp experts are closely watching how minimum wage increases will affect workers compensation rates in NY and throughout the country. Employees and labor groups across the United States are protesting, writing to their political representatives and taking to the national media in an effort to increase the federal minimum wage to $15 per hour.

While proponents of the $15 minimum wage continue to make their cases across the country for a higher standard of living for workers, insurers and industry professionals are carefully considering the ramifications for policy pricing and coverage should this pay increase take place.

Employers are likewise concerned as they continue to see their budgets rise. The increased cost of doing business adds to the pain with rising wage expenses such as medical insurance; city, state and local taxes as well as insurance costs for employees and liability protection.

Being able to control costs and plan for future business expenses and growth is vital for business owners as they go about their daily tasks of running their operations. The uncertainty of minimum wage laws and their effect on small business can take its toll.

Learn more about how wage affect your coverage in this Business Insurance article here.

If you are looking for ways to save on your workers compensation rates in New Jersey, New York or Pennsylvania, we have access to competitive pricing that can help you save on all your commercial insurance coverage.

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