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Haylor Risk Management Blog

Big Changes for Workers' Comp rates in NYS

Posted by Risk Management Team on Sep 20, 2023 3:44:19 PM

Governor Signs Bill Increasing Minimum Compensation Rate

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. 

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Topics: workers compensation, Claims

You've been hacked.  Now What??

Posted by Gia Diep on Aug 17, 2021 3:26:54 PM

It seems that Cyber-Attacks and Ransomware incidents are in the news every day.  Some experts are saying that it is not if, but rather when you are hacked.  Having strong Data Security practices within your organization is the best way to prevent a breach.  A comprehensive Cyber Insurance policy tailored to fit your needs is the best way to recover from a breach. 

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Topics: Breach, Cyber, Ransomware, Hacking, Insurance, Risk Management, Claims