October 24, 2013

Finally some great news for New York employers:  On October 23^rd The New York Workers’ Compensation Board announced that New York State’s employers assessments will be at 13.8% in 2014, compared to 18.8% in 2013.  This means a 25% decrease in assessments for New York employers in 2014.

The previous system was overly complicated and employers were charged differently depending on whether they insured with private coverage, with the State Insurance Fund or by self-insuring. However, a Business Relief Act that was passed earlier this year mandated the New York Workers’ Compensation Board combine several assessments into just one assessment in order to fund the state’s workers comp system.  

New York employers, especially those who pay high annual workers comp premiums will be overjoyed with the possibility of lower workers compensation insurance costs.  What many employers don’t realize is that they may also very well be owed money due to errors and overcharges committed by their insurance companies.  Apex Services workers compensation premium recovery service reviews your current and prior workers compensation policies on a contingency basis to identify these errors and recover refunds for employers. Either we'll get you a refund from your insurance companies or you'll know that you haven't been overcharged. Lower assessments, plus a compliance audit to provide a better underwriting profile, can spell a great 2014 for a lot of New York employers.