Workers' comp reform will aid NY businesses

After analyzing the impact of the workers' compensation reform law passed earlier this year in Albany, lawmakers now say the changes will result in about a 20 percent reduction in workers' comp insurance rates for businesses.

This is great news for people doing business in New York, and the savings are even better than what was initially expected.

When the governor and legislative leaders announced an agreement on the reforms in March, the projected savings were for rate declines of 10 percent to 15 percent. A 20 percent reduction in insurance rates will mean about $1 billion in savings for fiscal year 2007-2008.