On 9/6/23, Governor Hochul signed a bill which will increase the minimum rate in New York workers’ compensation claims to one-fifth of the state average weekly wage.  this goes into effect 7/1/26.

Coming more quickly are other changes, Effective 1/1/24, the minimum rate will be increased from the current $150.00 per week to $275.00 per week. The minimum rate increases again on 1/1/25 to $325.00 per week. In any case where the claimant’s wages are less than the minimum rate, the claimant will receive his or her full wages. 

The legislation is especially beneficial to lower wage workers who will benefit from the higher minimum compensation rate. This will potentially  increase workers’ compensation insurance premiums as well as costs for self-insured employers. By 1/1/25, the minimum compensation rate will be more than double the current $150.00 rate.  
 
Moving forward, the  minimum compensation rate will be adjusted in each successive year after 7/1/26 to one-fifth of the state average weekly wage for the year in which it is reported. 

This brings attention to the importance of a complete risk management program, including a robust safety program to reduce the incidents at your business, school or municipality.  

Workers’ compensation is likely to be your most active and costly line of insurance. With this in mind, Haylor, Freyer & Coon dedicates more people, time and resources to helping you reduce your workers’ compensation claims costs.   With a team of Risk Management professionals and an onsite Workers' Compensation Consultant we are ready to assist you and your firm.  

At Haylor, Freyer & Coon, Inc.  in addition to a team of risk professionals, our safety and loss control program is led by Mike Halter, MS, CSP, CPCU.  

315-703-2230 or mhalter@haylor.com

Contact Haylor, Freyer & Coon, Inc.

info@haylor.com / 315-451-1500