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Big Workers’ Comp. Rate Reductions
As a result of the recently enacted Workers’ Compensation reforms, the rates have dropped significantly for both current and renewing policies.
There is a 16.1 percent rate reduction, due to the reform, for policies expiring between October 1, 2007 and September 30, 2008.
For members, the 16.1 percent reduction will be applied to the remaining portion of the premium in effect between October 1, 2007 and September 30, 2008. The credit will be billed once the State Insurance Fund audit is completed.
When members’ policies renew on September 30, 2008, most will see a significant rate reduction.
In addition the State Insurance Fund will reduce the New York State Assessment from 18.6% to 6.6% of premium. Standard insurance companies will charge 15.5%, so members will save an extra 9% because our safety group is insured with the New York State Insurance Fund.
Below are examples of the rate drops effective upon your renewal after 10/1/07:
Code Description Rate % 9071 Full Service 2.04 -41.0% 9072 Fast Food 2.04 -41.0% 9074 Bars 2.04 -41.0% 9061 Clubs 1.93 -35.7% 8809 Exec. Officers .37 -19.6% 8810 Clerical .28 -22.2% NYS Assessment 6.60 -64.5%
Among the numerous changes, the Reform Legislation placed a cap on payments for permanent partial disabilities to ten years. The estimated savings are significant. However, increases in the weekly benefit will offset some of the expected savings. Effective July 1, 2007, the weekly benefits maximum increased from $400 to $500 per week and will steadily increase to 2/3 of the “New York State average weekly wage” (@ $1,000) as of July 1, 2010.
NYSIF Online Services for Members
Members can register for the New York State Insurance Fund’s Online Services at www.nysif.com to do the following:
Credit Card Processing and Loans
The United Restaurants of New York’s mission is to improve the bottom line of its members. Accordingly, we’ve partnered with Newtek to provide Merchant Processing and Business Lending solutions.
As a special offer, The United Restaurants of New York and Newtek are proud to present the United Restaurants of NY’s Preferred Credit Card Acceptance Program.
If you begin processing with Newtek Merchant Solutions before December 31, 2007, you will be offered the following benefits:
- $85 credit towards Dues - Discounted fees on your credit card processing - State-of-the-art equipment which allows for efficiency and savings - The ability to guarantee checks cost effectively - The ability to accept pin-based debit cards which eliminates any discount rate for transactions
- Full training of staff at each location on how to keep processing fees to a minimum
The United Restaurants of New York also is pleased offer business loans through Newtek: a non-bank loan provider to help you start, manage or grow your business. Please contact Ron Reiter, at rreiter@newtekbusinessservices.com, or by phone 212-356-9544 or visit our web site at www.unitedrestaurantsny.com.
United Restaurants of New York Member Discount Programs www.unitedrestaurantsny.com
Staples Business Advantage877-482-8034, ext. 115Newtek Small Business Loans866-639-1835 Newtek Credit-Card Processing866-639-1835 E-Chx, Inc. Payroll Services866-341-3506DHL Express Mail Discounts800-MEMBERS www.HR411.com888-694-7411Workers’ Compensation Savings800-394-7004, ext. 203 |
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