The assessment surcharge tacked onto workers’ comp costs for New York employers is becoming a burden for businesses, a new study says.
The surcharge in New York State is 20.2 percent – more than double that of the second most expensive state in the nation, which is Minnesota, at 8.9 percent. It’s also five times greater than the 4.2 percent average assessment levied by 32 states that impose these assessments.
Such assessments are basically a tax on workers’ comp premiums and are used by states to fund the system, according to the study from The Workers’ Compensation Policy Institute. Over the last two years, New York State raised the surcharge by 10.4 percent and 27.5 percent, the study also said.
Topics Commercial Lines Workers' Compensation New York Business Insurance
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