It’s important to keep up to date with rules and regulations for business insurance to make sure businesses are properly covered and credits for reducing premiums are properly applied.
Below is a great article that we found that will help our clients in some cases save thousands of dollars on workers’ compensation.
NCCI has made an unprecedented change to its rating rules for workers’ compensation due to these unprecedented times.
“NCCI recognizes that circumstances around COVID 19 are extraordinary and warrant an expedited rule change to address the question of payroll for employees who are being paid but are not working as it relates to the basis of premium. If approved, this rule change will be distinct from “idle time” under our current Basic Manual rules (Rule 2-F-1), and a corresponding statistical code 0012 will be created for reporting this payroll. This payroll will not be used in the calculation of premium.” – Andrew G. Sampson, Insurance Journal
This allows businesses to use a different code for paying employees while they are not working but are still being paid.
For more information, check out Insurance Journal’s article on the topic or contact us.