The New York State Insurance Fund has returned $585 million in workers compensation premiums to businesses across the state, New York Gov. Kathy Hochul announced Monday.
The allocation goes to many small and mid-sized businesses, which constitute a majority of the insurance fund’s policyholders.
The businesses with comp insurance policies through the fund can either insure directly with the fund or as part of a safety group made up of employers in the same industry who can pool together in order to reduce comp expenses, according to the governor’s office.
Businesses in New York are mandated to carry workers comp insurance, obtained either through the state fund, a private insurer or by self-insuring.
The governor’s office said the fund has returned more than $1 billion to businesses across the state through the program during the past two years.
The governor said businesses receiving the funds are those that prioritize workplace safety protocols and have strong safety records.