At least interest rates are still at historic lows! You can’t get at the money but that’s another rant for another day.
On June 23rd the NY Workers Compensation Board is slated to hold a public hearing with regard to an application by the Board for a 10.4% increase in the NY Workers Compensation Loss cost, which essentially drives premium costs for NY Workers Compensation Insurance. It’s NY State Workers Compensation Law that if the superintendent files for an increase over 7% they must hold a public hearing. So if you’re bored and want to attend a proceeding that your vociferous opinion will have absolutely no effect on we suggest you knock yourself out.
For those who would rather have a more direct impact on their business’s profit margins we suggest the following:
If you are insured with the New York State Insurance Fund, and are NOT part of a safety group, we suggest you join one that cater’s to your industry. If you need help finding one contact one of our crack staff who can direct you to a safety group with a solid dividend history. The advantage here is that your ultimate NY Workers Compensation premium will be cheaper inside a NY Workers Compensation Safety Group than if you just purchased a policy by your lonesome. The reason being the claims results of the group as a whole are rewarded by a dividend if their claims results are profitable. As part of the NY Safety Group you share in the bounty.
Do a look back on NY Workers Compensation premium audits. The vast majority of NY Workers Compensation Payroll audits are done incorrectly, with the error advantage to you know who. They set it up that way, like the insurance version of the Sting where Newman & Redford take it to Robert Shaw’s character. Poor guy didn’t stand a chance. All NY State businesses have the right to review and look back at their NY Workers Compensation payroll audits going back 3 years. We have dedicated staff that just does this function. To learn more CLICK HERE!
Lastly, and most importantly manage your claims, especially the small ones as they REALLY drive costs. What most people don’t understand is that NY Workers Comp Insurance is a very, very, (did I say very?) expensive credit line. All insurance is just a mechanism to finance loss. This is especially true in NY Workers Compensation which quite often you pay on smaller claims more in premium over a 3 year period than the loss was worth originally . It’s a killer.
Here’s the good news Dorothy. Quite often when the macro’s create an inordinate business challenge to an industry as a whole, whether you disinfect bowling shoes, or are building the Freedom Tower, those businesses that adopt creative solutions to the challenge build a substantial competitive advantage. The reason being is they learned how to buck the trend, ending up with a much lower cost structure than their competitors, ultimately gaining market share. Our entire NY Workers Compensation Protocol was built on that precept. For more information on how to gain a competitive edge in a rising rate environment click on the orange to contact one of our NY Workers Compensation Risk Advisors.