New York employers will face higher costs for workers' compensation insurance starting in October, the state Department of Financial Services has decided. The DFS approved an average 9.3 percent hike in the insurance rate; an increase that business owners are not thrilled with, but acknowledge is needed, according to a recent news report.
The DFS superintendent said insurers threatened that they might have to leave the state if their rates didn't go up to cover their costs.
Unsurprisingly, New York's business community expressed disappointment in the rate hike and in the workers' compensation system. Worker advocates point out that the system still does not fully address the needs of employees who are injured on the job or are subjected to work-related illnesses.
The Albany Times Union report on the rate increase quotes a Long Island attorney said he is worried that workers' comp reforms pushed by business interests could simply be a way of cutting benefits.
As you undoubtedly know, New York workers' compensation benefits include medical care and a partial replacement of lost wages.
For people who are injured while on the job, every penny of those benefits is needed to pay for medical costs that can include hospitalization, surgeries, physical therapy and more. And wage replacement is needed to help injured employees pay for mortgages or rent, food, utilities and other essentials until they can recover from injury or illness and return to work.
A skilled Albany workers' compensation attorney can help protect your rights to full and fair compensation.