regional economy

Buffalo Niagara Partnership Workers Comp Savings

Workers’ Comp Reform To Save Employers $ 1 Billion

Changes to New York State’s workers’ compensation program are expected to save employers upwards of $1 billion moving forward. The New York State Department of Financial Services recently approved a nearly 12 percent reduction in loss cost rates – a key component of determining insurance premiums.  This significant reduction is a direct result of critical workers’ compensation reform included in last year’s state budget.