NYSIF Adds Out-of-State Coverage for Policyholders
New NYSIF Program Allows New York-Based Companies to Cover Out-of-State Employees for Workers’ Compensation
The New York State Insurance Fund (NYSIF), the state’s largest workers’ compensation insurer, announced that for the first time in its 108-year history it will extend coverage to out-of-state employees, helping its policyholders simplify their benefits planning. The new program arises from 2021 legislation permitting NYSIF to provide workers’ comp for its policyholders’ employees across the United States.
“Since 1914, NYSIF has guaranteed the availability of workers' compensation insurance at the lowest possible cost to New York employers,” said NYSIF Executive Director and CEO Gaurav Vasisht. “We now extend that offer to workers in states beyond New York, permitting NYSIF policyholders to benefit from NYSIF’s competitive rates for all their employees.”
Under the initiative, any New York-based employer that has at least 50% of its workforce based in the state can offer its out-of-state employees NYSIF workers’ compensation coverage, and will no longer have to incur the additional cost of procuring a policy from another insurer for out of state employees. New NYSIF customers with satellite offices or remote workers out of state are also eligible for the program.
Fleury Risk Management Safety Group customers or brokers should contact our office with any questions regarding this expanded coverage. If you would like to add out-of-state employee exposure to a current safety group policy, we will be happy to assist you.
NYSIF’s new out-of-state coverage does not apply to disability or paid family leave policies.
Read the NYSIF press release here.