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COVID-19: NYCIRB Creates New Classification Code Reducing Workers’ Comp Premium for Remote Employees

The New York Compensation Insurance Rating Board (NYCIRB) announced late Friday afternoon, that they have created a new classification code to address situations related to the ongoing pandemic. The new code (8873) Telecommuter Reassigned Employees is to be applied to the payroll of employees who are reassigned to either:

  • Perform clerical work duties at home
  • Not perform any work duties (idle)

This will often positively impact the workers compensation premium as the loss cost (rate) for this code will mirror that of the Clerical Office Employees (8810) classification.

This provision is applicable at the start of the New York’s stay at home order (March 16, 2020) and for up to 30 days after its conclusion. It is effective for all new and renewal policies effective May 1, 2020 as well as all in force policies as of March 16, 2020.

What Should You Do?

Contact your insurance agent to discuss the applicability of this change to your company and how you should track the payroll for affected employees.

If you have any questions or concerns, please do not hesitate to reach out at info@bcpllc.com.

Bowers & Company CPAs aims to offer helpful information to our clients and friends. Learn more about how we can help should your business need accounting and financial services.

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Bowers & Company CPAs - Accounting Services Firm in Syracuse and Watertown NY
Bowers & Company CPAs - Accounting Services Firm in Syracuse and Watertown NY