Fuel Oil Dealers and Gas Distributors will see a very significant rate increase in their New York workers comp policies starting with renewals in October 2013.
Companies in this business are generally assigned class code 8350 will experience a loss cost or base rate increase of 38.5% ! The loss cost rate is the base rate which determines final costs. While there is a Safety Group that insures many of Fuel Oil Dealers and Gasoline Distributors in The State Insurance Fund, there are other opportunities in the marketplace where savings may be possible. It is also likely that a change to the NY Assessment Charge procedures will make The State Fund less competitive than they had been in the marketplace, so businesses in the 8350 class code would be wise to seek alternative options for their upcoming renewals.
If you’re in the Fuel Oil or Gasoline Distribution business and have a good loss record, we’d love to talk to you about some of the specialty insurance programs we have access to. In addition to excellent rates, our firm specializes in helping businesses like yours control and reduce risk through our unique risk management process. Clients that have a documented risk reduction process like ours typically see costs reduced significantly over the long term.
For more information on workers comp insurance policies in New York or how we can help your business control your risks and your costs, please contact us using the contact box to the right, or call 800-287-4115!