New York employers pay some of the highest workers’ compensation costs in the nation. And rates have risen dramatically over the last six years, driven by increases in maximum benefits, rising medical costs, growing scheduled loss of use awards, seemingly endless litigation, and a slow and inefficient implementation of reforms intended to control costs. When you add in the cost of complying with increased regulation and the costs associated with fraud, it’s easy to understand why so many businesses struggle with this drain on their bottom line.
When you consider the high cost of New York workers’ compensation claims, it’s clear you can’t afford to make careless missteps. And yet one of the most common and costly mistakes employers make in the workers’ compensation process is simply failing to communicate. In fact, employer silence is at the root of many workers’ comp disputes. When an employer drops the ball on communication, it’s almost inevitable that misunderstandings, delays, and added costs will be the result.
Tags: new york business insurance, New York workers’ compensation, New York workers’ compensation claims, new york workers’ compensation costs, new york workers’ compensation claim, workers’ compensation program
New York business owners got some good news from the state’s Department of Financial Services in July. After facing a potential double-digit increase in New York workers’ compensation insurance premiums, and after four successive years of rate hikes, New York workers’ compensation rates will decline 1.2 percent.
Tags: business insurance, New York workers’ compensation, new york workers’ compensation costs, New York safety group, New York workers compensation rates, New York workers compensation coverage, early return to work, ERTW
When one of your employees gets injured on the job, a quick decision needs to be made about what should happen next. Do you send the employee to the emergency room? Should you send them home to "wait and see" if the pain goes away?