East News
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N.Y. Reforms Credited with Shaving Workers' Comp Rates by 20.5%
East News • July 12, 2007
Rates for workers' compensation insurance in New York will decline by more than 20.5 percent, —the biggest cut in more than 20 years — saving employers about $1 billion, according to state ...
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| Subject | Posted By | Posted On |
|---|---|---|
| Good for New Yorkers bad for the rest of the country | cltpie28 | Aug 31, 2007, 1:22 pm |
| RE: RE: Farce-NY WC Rate Reduction | mcheck57 | Jul 13, 2007, 1:03 pm |
| RE: Farce-NY WC Rate Reduction | DJ | Jul 12, 2007, 7:23 pm |
| Farce | Joshua | Jul 12, 2007, 2:40 pm |
| Back to article | ||
Subject: Good for New Yorkers bad for the rest of the country
This has far reaching impacts. If your employees go to New York State for a 1 day conference, you must have a New York Worker's Compensation Policy (or at least, have New York endorsed to the policy under Item 3a). In theory, if a worker has a layover in New York State while on business, a NY WC policy is required.
If a claim is filed under NY, the penalties for not having this policy are stiff. Minimum fine for a firm of 5 people or less is $1,000. If a firm has 5 people or more, then the fine minimum is $5,000 and it is a Class E felony.