Workplace Injuries – NY’s Code Rule 60 – What is it and what’s the value for your business?August 8, 2023 / bracketmedia
Calling all NY Nonprofit Self-Employers: Get Rewarded for Loss Control
Nonprofit leaders want to do what’s best for the people and causes they serve. One way to do this is to tap into available programs that can help them save on operational costs. Unfortunately, many nonprofit leaders don’t know about money-saving programs like this. That said, New York State’s nonprofit leaders should be familiar with a program through the New York State Department of Labor (NYDOL) that can reduce their costs related to workers’ compensation insurance.
The Workplace Safety and Loss Prevention Incentive Program (WSLPIP) and New York Code Rule 60 was created to reward employers who prioritize safety and limiting workplace injuries via loss control or risk mitigation programs. New York State employers, including nonprofit organizations, with workers’ compensation coverage could qualify for up to a 10 percent credit on their workers’ compensation insurance costs.
Do you qualify?
NY Code Rule 60 is applicable to employers with workers’ compensation insurance and a New York payroll over $800,000. Qualified businesses must also pay an annual workers compensation premium of at least $5,000, maintain an EMR (experience modification rate) of 1.3 or less and have one or more of the following loss control programs in place: workplace safety program, return to work program and/or drug and alcohol prevention program.
Employers can cater their loss control programs to the needs of their organizations, but there are some requirements they will need to meet. You can view the full requirements on the NYDOL website.
How to Apply
After an organization has implemented a workplace safety program, drug and alcohol prevention program and/or return-to-work program, the owner or operator should reach out to a Certified Specialist to evaluate the programs, ensure they meet the requirements and create a report. As Certified Specialists and authorities in the nonprofit space, Lamb Insurance Services can assist with the evaluation and reporting process. It is important to note that applications should be completed in full at least 120 days before the organization’s workers’ compensation policy renewal. In the first year, nonprofits can receive a 4% discount for their workplace safety program, 4% discount for a return-to-work program and 2% discount for a drug and alcohol prevention program. Thereafter, the discount will decrease to 2%, per program, for the next two years. Organizations must renew their application every three years and may do so as long as they meet all necessary NY Code Rule 60 requirements.
On their own, good loss control programs related to worker safety can be invaluable to nonprofit organizations. New York’s Code Rule 60 is simply an added benefit for organizations in the know. Many nonprofit organizations wisely already have programs that address workplace safety, returning to work and drug and alcohol prevention. So, why not take advantage of this opportunity to save on a consistent, but critical cost like workers’ compensation premiums? Consider reaching out to Lamb Insurance Services today to explore New York’s Code Rule 60 and learn how your organization might benefit.