How To Save An Additional 10% Off Your WC Insurance Premium
Did you know that the New York State Insurance Fund (NYSIF) has a special program that can save business owners up to 10% the first year and up to 6% for subsequent years on their Worker’s Compensation (WC) rates?
The program is called the Workplace Safety and Loss Prevention Incentive Program (CR 60). It was created to reduce workplace injuries, return injured worker’s to work, and lower insurance premium costs for employers.
It’s a voluntary program that awards premium credits to employers with annual workers’ compensation premium of at least $5,000 and an experience modification under 1.30 who successfully participate in one or more of the following in accordance with guidelines established by the New York State Department of Labor:
•Safety and Loss Prevention Program
•Drug and Alcohol Prevention Program
•Return to Work Program
Once you implement one or more of the above programs, following the guidelines you must submit the application to NYSIF to request an evaluation of your program by a specialist. This all must take place before you apply for the WC premium credit.
We have the guidelines here in our office and they can also be found online on the NYSIF website. We also have a certified specialist that we work with directly that can help you at no additional cost to you.
Please feel free to contact us for more information, a copy of the guidelines or to find out how much you can save on you WC Insurance premium by participating in one or more of the programs.
Author Lisa M. Flaherty is an expert in the field of workers compensation. She is a licensed NYS P&C agent and website publisher. Her expertise is working with business owners eradicating critical coverage gaps in insurance policies, and working with employers to reduce workers compensation costs. Her clients include franchised and non-franchised auto dealers, trucking for hire, contractors, retail, hospitality, wholesale distributors, and manufacturers.