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Reduce Workers Comp Fees: Compulsory Workplace Notices & WPS Charges
Did your company receive a notice from the New York Compensation Rating Board with subject, “Compulsory Workplace Safety and Loss Prevention Program” or did State Insurance Fund or other insurance company add a “WPS” charge to your annual premium?
If so, you must read the following:
NYS Department of Labor “Regulation 59, Workplace Safety & Loss Prevention Program” states that any NY employer with annual payroll in excess of $800,000 and with a published “experience modification” factor of 1.20 (20% charge) or higher is required within 30 days of receipt of notification by the NYS “Workers Compensation Rating Board” to undergo a workplace safety & loss prevention consultation. The consultant will charge you a fee of about $3,000, inspect your entire operation, make safety recommendations, re inspect when complied and submit compliance certificate with the NYS Labor Department for an additional fee.
Failure to comply will result in mandatory 5% premium surcharge, also known as “WPS charge”. Continuous failure to comply will result in increase of additional annual 5% charge. For example, employer with an annual premium of$100,000 will be surcharged first year $5,000, 2nd year $10,000 and by 5th year $25,000. The increased penalty with never be removed until you comply.
The greatest secret to avoid the time, cost and penalty to deal with this issue is to see if perhaps your company was overcharged on past claims or if your employee reported fraudulent claims. if so, your experience modification can be reduced to under 1.20 and no longer required to comply. You will also be eligible for premium refund if your experience modification was reduced.
Contributed by Premium Paybacks, recognized as the Queens Ledger Featured Workers Comp Auditing Firm. Find out if your company experience modification charge can be reduced and contact them at: Premium Paybacks WC Insurance Recovery 4722 18th Avenue Brooklyn, NY 11204 (718) 621-4300 premiumpaybacks.com/