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New York State Insurance Fund returns $585M to businesses for safety efforts

Governor Kathy Hochul announced that the New York State Insurance Fund (NYSIF), the state’s premier workers’ compensation insurer, has disbursed $585 million to New York businesses in the past year.

This substantial distribution, channeled through dividends and return-of-premium programs, rewards businesses maintaining high safety standards and robust safety records. Hochul highlighted the importance of the initiative, emphasizing that promoting workplace safety not only safeguards workers but also boosts the business ecosystem, especially benefiting the small businesses that form the state’s economic backbone.

The majority of the beneficiaries of this initiative are small- to mid-sized enterprises across New York, with many having patronized NYSIF for several years. As per New York law, businesses are mandated to have workers’ compensation coverage, which they can acquire via NYSIF, private carriers, or through self-insurance. Uniquely, NYSIF guarantees coverage for any applying employer, irrespective of risk factors, at the most affordable rates while ensuring fund solvency. Over the previous two years, under the dividends and return-of-premium program, and spearheaded by Governor Hochul’s dedication to small businesses, NYSIF has returned an impressive sum exceeding $1 billion to its insured businesses.

Categories: New York StateNews