They are talking about premium. I don’t practice in NY, but if their rate-setting is anything like the states I am familiar with, that 5% is an average across all employers in all industries. They could give all law offices, for instance, a 5% decrease, and increase the rate for manufacturing far above 5%. It’s not like everybody gets a 5% rate hike at once.
All of the rates? Just the indemnity?
They are talking about premium. I don’t practice in NY, but if their rate-setting is anything like the states I am familiar with, that 5% is an average across all employers in all industries. They could give all law offices, for instance, a 5% decrease, and increase the rate for manufacturing far above 5%. It’s not like everybody gets a 5% rate hike at once.