One thing you can always count on with the New York workers’ compensation insurance system is change. Major reforms were enacted in 2007, and last year the state’s 2017 budget included some of the biggest changes since 2007.Read More
If you’re a business owner with employees, workers’ compensation is already one of your biggest and costliest headaches. When you add fraud to the mix, it can only complicate matters and drive up costs. In fact, businesses like yours spend millions every year for overtime expenses, medical and legal costs, production delays, training costs for temporary help, and higher insurance premiums due to workers’ comp fraud.Read More
Despite two State Workers’ Compensation reform bills passed in 1996 and 2007, New York businesses and employees still struggle with one of the most expensive, yet least efficient workers' compensation systems in the nation. And many employers are now concerned about how the Affordable Care Act (ACA) will ultimately impact workers’ compensation. Although the ACA doesn’t contain any significant measures directed at workers’ compensation, certain aspects of the new law may have work comp ramifications.
As every business owner knows, when an employee gets injured, the meter starts running. With medical expenses, pharmaceutical costs, legal fees, time loss costs, lost productivity, and many hidden costs, a workers’ compensation claim can quickly become an expensive nightmare.
According to the most recent composite index by MarketScout, workers’ compensation rates increased more than six percent in April of this year. And as a New York employer, you’re still paying the highest taxes on workers’ compensation premiums in the nation.
Every time you have a workplace accident and a New York workers’ compensation insurance claim is filed, the meter starts running. And as a business owner, you know only too well how quickly claim costs can add up … from medical and rehabilitation costs, to temporary and permanent disability payments, and in some cases, legal expenses. And, that’s just the tip of the iceberg!
If you’re a safety conscious New York business struggling with out of control workers' compensation costs, maybe it’s time to consider a New York safety group as an alternative to your traditional New York workers' compensation insurance coverage.
What are safety groups?