By: Lovell Safety Management Co
The New York Compensation Insurance Rating Board has revised the Experience Rating Plan and formula effective 10/1/2022. All experience ratings created on or after 10/1/2022 will use the new formula and methodology that is designed to incentivize workplace safety.
What does this mean to the average business? Those with little to no losses will see bigger credits and those with losses are likely to see bigger debits or charges. In addition, the new experience rating plan also eliminates interstate rating for those businesses who operate in multiple states and makes all NY employers regardless of size eligible to be experience rated. The new formula has a transition plan that limits the change in an employer’s experience rating based on the number of reported losses, so contacting us when an injury occurs is more important than ever.
Learn More about the New Experience Rating Plan
