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Enacted State Budget Brings Hope for Lower Workers’ Comp Costs

The State Legislature and Governor Cuomo reached agreement on a final state budget earlier this month and unlike last year there’s no bad news for business owners and hope that workers’ compensation insurance reform included in the budget will lead to lower costs for employers. A coalition of business groups, including our Association, made workers’ compensation reform the top priority in the state budget and we succeeded in making changes that will create meaningful savings for all employers in the state.

These changes are due in large part to the State Senate which made workers’ compensation reform a priority in budget negotiations, especially Majority Leader Flanagan, Deputy Majority Leader DeFrancisco and Senators Akshar and Amedore. In addition, Assemblymembers McDonald and Woerner were strong advocates for reform in the Assembly.

Workers’ comp experts are confident these measures will not only create significant savings in year-one but will continue to reap savings in the years ahead as the various provisions of the reform package take effect.