November 26, 2013

The collapse of the group self-insured trusts in New York several years ago is still unresolved and causing problems for New York employers. The Workers Compensation Board has had a difficult time balancing between collecting money to pay injured workers and reaching settlements with employers who were not able to pay off their workers comp assessments. Although The Workers Compensation Board has taken several steps to help employers settle and pay off the amount they owe, about 2,500 employers have not yet reached a settlement.  WCB has now begun to sue these employers.

Many employers signed off on the Joint & Several Liability, but they never imagined getting hit with such big fees and assessments. New York employers who were a part of a trust in recent years—whether or not they’ve settled with WCB—can greatly benefit from workers compensation premium recovery. Errors in trust policies can affect several years’ mods and result in higher premiums. Although, trusts ceased to exist several years ago, some claims still affect current and even future premiums.

Correcting these errors from the trusts can result in refunds on prior years’ policies, as well as savings on current and future premiums.  Overall, workers compensation premium recovery is a simple way to recoup money paid out in the past, as well as reduce current and future workers comp premiums.