Within the past few years, the medical and indemnity costs have continued to increase, but New York has decided to do something about this issue for individuals that receive Workers’ Compensation in Queens. It was recently announced that the New York State Department of Financial Services decided to approve an increase in the Workers’ Compensation loss costs, according to Insurance Journal, and this 5.9% increase will take effect in October 2015.
According to the New York Compensation Insurance Rating Board (NYCIRB), they will be publishing loss costs by classification in another bulletin that will be posted by August 1, 2015.
According to Ziv Kimmel, Chief Actuary and Vice President of NYCIRB, this increase is required to keep up with the way medical and indemnity costs are rising within the state of New York. The NYCIRB, an unincorporated, non-profit association of New York insurance carriers is licensed as an official organization to deal with premium, payroll, loss, and other data from every carrier, developing a quality rate structure and summarizing this information.
With the new increase in Workers’ Compensation benefits in New York, workers that need workers’ compensation should begin speaking to a work injury lawyer in Queens that is aware of what this increase means for each individual case.
A quality lawyer can help New York workers ensure that they get the compensation they deserve if they have suffered injuries due to a workplace accident. If you were injured on the job, contact a lawyer specializing in Queens Workers’ Compensation today to ensure you get the compensation and medical coverage you need.Share This