NYSIF is Responding to Our Policyholders' Needs
We’re here to help. NYSIF is going beyond the requirements of Governor Cuomo’s executive order directing insurance companies to suspend cancellations for non-payment of workers' compensation policies for 60 days for employers with 100 or fewer employees.
The most important thing you can do right now for your workers’ comp policy is to contact us. We need to hear from you so we can adjust your payroll and premium to reflect current business conditions. We want to provide you with the financial relief you need now and help your business be better positioned for the coming recovery.
Here’s how we can help. We can lower your premium:
- If you have reassigned some of your workers to work from home, and they are performing less hazardous work
- If you have employees who are idle, but still on your payroll
- If you have placed employees on furlough without pay
- If you have laid off employees
We can keep your policy active and adjust your payroll:
- If you have ceased operations temporarily, and you won’t have to pay premiums until you restart your business
Here’s a list of steps we’ve already taken to help all our policyholders:
- We are working with any business, regardless of size, to adjust premium payments to a level that is manageable during the current crisis.
- We are working with policyholders to lower payroll projections to reflect current conditions, thus resulting in lower insurance premiums.
- We are working with policyholders to adjust payment schedules for premium to reflect what you’re able to pay, without fear of cancellation.
- We are working with policyholders to adjust payment schedules for premium due from audit balances.
- We are working with policyholders to reschedule audits or to enable upload of documents to take the place of an onsite audit.
- We have suspended cancellation for non-payments, along with interest charges, installment fees and late fees for policyholders experiencing financial hardship due to COVID-19.
These accommodations will stay in effect until circumstances have improved. Use the Get Policy Help link at nysif.com to contact your policy representative. We can help you avoid an unexpected bill when things return to normal.