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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

New Workers' Comp Rate Approved

Posted by Risk Management Team on Jul 20, 2020 10:24:56 AM

New York State Department of Financial Services approved the filing submitted by the Rating Board for a decrease of 1.0% in the overall loss cost level in New York State, effective October 1, 2020.

See specific classification rate changes in the full RC Bulletin.

New Workers' Comp Loss Rate Information


HF&C has a full array of Loss Control and Safety solutions to assist your business.  A strong loss control program can help lower your overall incidents, providing a roadmap to improve your safety results. For assistance with your Workers' Comp or other Risk Management issues, contact us.

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Topics: safety, OSHA, workers compensation, work comp

Just Released New Workers' Comp.  Classification for Covid-19

Posted by Risk Management Team on May 5, 2020 8:58:14 AM

Did you take advantage of the Federal Payroll Protection Program?

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Topics: Coronavirus Guidance for Business, workers compensation, work comp