City Life Org – Insurance Fund Returns Over $550M to NY Businesses

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New York State’s Largest Workers’ Compensation Carrier Offers Over Half a Billion Dollars to Most Policyholders Through Benefits and Discounts.

Governor Kathy Hochul today announced that the New York State Insurance Fund, New York’s largest workers’ compensation insurer, distributed more than $550 million last year to New York businesses through its rebate and share programs. NYSIF offers discounts to companies that it directly certifies and that demonstrate strong employee protection protocols. They provide benefits to companies in the NYSIF protection group, where employers in similar industries band together to reduce workers’ compensation benefits. The program is part of Governor Hochul’s mission to provide support and savings to New York businesses.

“Business is the source of people’s livelihoods, economic growth and opportunities for workers and families,” Governor Hochul said. “As our economy begins to recover from this pandemic, NYSIF’s infusion of more than half a billion dollars will help New York employers get their jobs back on track and strengthen New York State’s communities.”

New York State Insurance Fund Managing Director and CEO Gaurav Vasisht said, “I thank Governor Hochul for his inspiring leadership and tireless commitment to restoring New York’s economy. The Governor’s bold vision for New York is embodied in this funding, rewarding employers for providing safe workplaces and helping them meet their commitment to the safety of employees.

Under New York law, businesses are required to secure workers’ compensation, which most companies obtain through NYSIF or a common carrier. But unlike private insurance, NYSIF must pay employers who would work regardless of risk at the lowest possible cost to maintain a solvent fund. Distribution of benefits and deductions is central to NYSIF’s mission as a workers’ compensation fund.

The Chairman of the Compensation Board Clarissa Rodriguez said, “Protecting workers is the right thing to do and is always good for business. We applaud NYSIF’s efforts in rewarding employers who prioritize worker safety, and we hope today’s announcement will encourage employers to implement stronger safety measures to reduce occupational injuries and illnesses.”

Business Council of New York State President and CEO Heather Briccetti said, “As the state’s leading business advocate, the Business Council applauds NYSIF’s efforts to support NY businesses as they continue to struggle with the economic climate. We applaud Governor Hochul for his efforts to increase workers’ compensation for all employers and his commitment to local businesses. New York.

New York State AFL-CIO President Mario Cilento said, “The NYSIF benefits and deductions announced by Governor Hochul are welcome news for employers across the state, but especially important for hard-working New Yorkers because they are only awarded to policyholders who demonstrate their commitment to protecting their workers. We are grateful Governor Hochul, NYSIF, and the agency’s highly skilled staff will also lead the work of compensatory workers’ compensation in keeping workers safe on the job.

Today’s announcement comes after Governor Hochul signed legislation last month to restore access to low-income workers’ compensation through NYSIF for thousands of struggling New York businesses. Aimed at helping small businesses navigate the post-COVID economy, the bill will provide more savings to policyholders.