Did you take advantage of the Federal Payroll Protection Program?Are you paying employees even though they are not allowed to work during the NY State shut-down?
Those idle employees are still on your payroll but have limited on the job injury exposure, leaving you with paying work comp insurance premium for a non-existent risk.
To address this, The New York Compensation Insurance Rating Board (NYCIRB) today announced that employers who are paying employees sidelined by the COVID-19 pandemic will pay a less-expensive rate for Workers' Compensation insurance.
- Employees who are currently at home being paid but not working in their typical capacity are to be coded under 8873 which will have the same rate as 8810 clerical.
- Any Workers' Compensation claim due to Covid-19 will not be reported for future experience mod calculation purposes.
This provision is applicable at the start of the New York State shut-down and will last up to 30 days after the conclusion of the shut-down.
The rule change applies to all new and renewal policies effective May 1, 2020, as well as to all in-force policies as of March 16, 2020.
To read the entire release please click below: