Bipartisan reform package passed in 2017 should be catalyst for continued progress
ALBANY (July 16, 2018) — NFIB and it’s more than 10,000 small business members across the state welcome news that the Department of Tax and Finance has approved a New York Compensation Insurance Rating Board filing which should result in a meaningful reduction in premium rates. The 11.7-percent decrease in the overall “loss cost” is a key factor in determining individual employers’ workers’ compensation insurance rates.
“Week in and week out, we hear from small, independent employers struggling with ever-increasing workers’ compensation premiums,” said Grey Biryla, state director of the NFIB’s New York office. “New York’s workers’ compensation costs are the third highest in the nation and amount to a hidden tax that burdens hardworking small business owners and stifles new investment across the state.
“NFIB worked for months in 2017 with partners in the New York business community and dedicated members of both parties in the legislature to achieve responsible workers’ compensation reforms that are now producing tangible cost savings for employers.
“Majority Leader John Flanagan, Senators George Amedore, Fred Akshar, John DeFrancisco, and their Senate GOP colleagues deserve a great deal of credit. Working with Democratic members of the State Assembly, John McDonald and Carrie Woerner, they helped to prioritize workers’ comp reform and economic growth in the face of stiff special interest opposition.
“Today’s progress is an important step towards making New York State a more affordable and attractive place to do business, but significant challenges remain. We look forward to tackling those challenges with reform-minded elected officials in 2018 and beyond.”
