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November 2019 Archives

Study shows retail is a high risk for workers' compensation

Small businesses often seem like small boats. They are light protection from the stormy seas of business, and people in them can end up feeling very much alone. But small businesses are never alone. They are part of a big system, and there is often as much help and support as there is competition.

Is your employee faking an injury?

You certainly want to take your employees at their word, especially when one of them claims to have suffered an injury on the job. You carry the appropriate workers' compensation insurance for just such situations, and you are happy to have that safeguard in place when a worker becomes ill or injured.

Workers' compensation benefits rose for much of the last decade

Workers' compensation is a vital guarantee for employees that helps keep workplaces safe. However, the details of the insurance and other requirements to offer the payments if a worker is injured on the job have been the bane of many business owners.

WCB reveals 2020 assessment rate

The WCB funds its operations by assessing every workers' compensation insurance policy written in New York. The assessment rate for the following year is published annually on November 1. Rate for 2020 will decrease by 0.4% to 12.2%. The same rate will be assessed on the premium equivalent for self-insured employers. The rate has fluctuated since the methodology for calculating the rate was changed by the Business Relief Act - part of the 2013/2014 State budget. Here is the history:
2020 - 12.2%
2019 - 12.6%
2018 - 12.1%
2017 - 12.2%
2016 - 12.9%
2015 - 13.2%
2014 - 13.8%


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