ARTICLE
The New York State Workers Compensation Board announced this week that the NYS assessment rate for 2023, will be 9.8% of standard premium. What does this mean to the average business? Businesses whose workers' compensation insurance renews on or after 1/1/2023, will see a decrease in the NYS assessment rate from 10.2% to 9.8%. Workers' Compensation insurance costs continue to defy inflationary pressures, with 6 straight years of rate decreases. For those insured in a Lovell Safety Group, these savings have been passed along with rates decreasing on average by -42.3% since 2017. ECA is pleased to partner with Lovell Safety Management to provide our member employers with an alternative solution to combat the rising cost of workers' compensation insurance. Safety Group #469 is a coalition of construction industry employers seeking to secure their state-mandated workers' compensation insurance at the lowest rate and the highest level of quality service. To learn more about Lovell's workers' compensation safety groups, our unbeatable pricing and unparalleled services, go to www.LovellSafety.com or call 1-800-556-8355.