Kudos to New York, California and Florida for their Herculean efforts to overhaul their respective workers’ compensation packages.
Companies, including those in the marine industry, have seen significant savings as a result of those reforms. Eliminator Boats in California saved an additional $100,000 a year in workers’ compensation costs. A nice chunk of change, especially in today’s economy.
Historically, workers’ comp has been a thorn for employers and employees.
So it is refreshing to know some state officials have rolled up their sleeves and worked with companies and labor groups to come up with win-win solutions.
When the reform packages benefit injured workers, while providing premium savings to employers, that’s a good thing.
Hopefully, others states will follow suit.
If you know of any other workers’ comp reforms let us know.
See how such reforms boosted the boating industry in the upcoming May issue of Soundings Trade Only.