How NY Employers Can Obtain 14% Savings on
Workers’ Compensation Premiums
Workers’ Compensation Premiums
Employers in New York State may now apply to the Department of Labor (DOL) for a discount in their workers’ compensation costs if they establish and implement a written Safety Program.
This discount program is called the Workplace Safety and Loss Prevention Incentive Program (WSLPIP). It encourages employers to voluntarily start programs that will
decrease workplace injuries and reduce workers’ compensation costs.
The program is for employers insured through the State Insurance Fund (except those in a recognized safety group) or any other insurer that issues NY policies for workers’ compensation. Employers may apply if they:
The DOL will review the application and once approved, the employer will receive a Certificate of Approval. The Certificate of Approval will be in effect for three years with one renewal for another three year period.
To receive the discount for the WSLPIP, the employer must submit a copy of the Certificate of Approval to their workers’ compensation insurer. If they are self-insured, it goes to the Workers’ Compensation Board.
The employer will receive a discount on the workers’ compensation insurance premium or a reduction in their required security deposit. This credit will be applied to the annual policy period following the date of the certificate of approval.
WSLPIP Premium Credits*This discount program is called the Workplace Safety and Loss Prevention Incentive Program (WSLPIP). It encourages employers to voluntarily start programs that will
decrease workplace injuries and reduce workers’ compensation costs.
The program is for employers insured through the State Insurance Fund (except those in a recognized safety group) or any other insurer that issues NY policies for workers’ compensation. Employers may apply if they:
- Pay an annual premium of at least $5,000 and
- Maintain an experience rating of under 1.30 and
- Do not have a mandatory safety and loss program due to a high experience rating (NY Code Rule 59) and
- Implement the voluntary Safety Program.
The DOL will review the application and once approved, the employer will receive a Certificate of Approval. The Certificate of Approval will be in effect for three years with one renewal for another three year period.
To receive the discount for the WSLPIP, the employer must submit a copy of the Certificate of Approval to their workers’ compensation insurer. If they are self-insured, it goes to the Workers’ Compensation Board.
The employer will receive a discount on the workers’ compensation insurance premium or a reduction in their required security deposit. This credit will be applied to the annual policy period following the date of the certificate of approval.
| Year | 1 | 2 | 3 | 4 | 5 | 6 | Total |
| % Credit | 4% | 2% | 2% | 2% | 2% | 2% | 14% |