Earning the Industrial Code Rule 60 credit for your business can be extremely difficult without the right guidance. The good news is that the team at Workers Comp Cost Relief will work with you to efficiently establish all three loss prevention programs as well as to navigate the application process to ensure DOL approval.
We have heard time and time again about how confusing labor and insurance are, especially with regards to workers comp. Thankfully, we’re making it our mission to make your workplace a little bit safer and more cost-efficient. Best of all is the fact that it doesn’t cost you anything at all. The initial consultation with us is free, and we only earn our fee (as a percentage of your savings) when your programs get approved by the New York Department of Labor. It doesn’t get much better than that!
What You Need to Know About Industrial Code Rule 60
In 2007, the Workers Compensation Reform Law put Code Rule 60 into place. CR60 is a discount program that encourages employers in the state of New York to create programs designed to decrease injuries in the workplace and reduce the costs of workers compensation. They also stated that employers could apply to the DOL for a discount of up to 10% of their workers compensation insurance premiums by establishing some programs. These programs center on safety, drug and alcohol prevention, and return to work programs.
For both the safety program and the return to work program, there is a 4% savings in the first year and 2% savings for all subsequent years. The drug and alcohol prevention program is eligible for a 2% savings in the first year as well as 2% savings all subsequent years.
Which Employers Can Apply?
The program is for employers insured through the State Insurance Fund (except those in a recognized safety group) or any other insurer that issues policies for workers compensation in the state of New York.
Naturally, there are a few other things to keep in mind. Annual insurance premiums must be at least $5,000 and your business needs to have maintained an experience rating under 1.30 for the previous two consecutive years. You can also apply if you do not have to comply with a mandatory corrective safety and loss prevention program due to a high experience rating. You also need to have implemented any of the three voluntary programs mentioned above.
To be approved, there are a number of requirements that must be met in the regulations, but thankfully, they are flexible. This allows employers to tailor the programs they offer to meet their company’s specific needs and better serve their employees. A NYDOL certified specialist can help employers to develop these programs.
Get the Help You Need From Workers Comp Cost Relief
If you’re an employer, you can apply for Industrial Code Rule 60 if you implement one of the programs above, have your program(s) evaluated by a New York Department of Labor certified specialist, and have the specialist write an Evaluation Report to submit with your application.
If this sounds complicated, don’t worry. Our team of experts is here to help at every step of the way, so if you are interested in lowering some of your costs and making your workplace safer for your employees, look no further. We are an independent loss control services organization and we are dedicated to making your life just a little bit easier.
Did you know that on average, employers save $5 to $16 for every $1 invested into the programs above? It makes Industrial Code Rule 60 a win/win, and at Workers Comp Cost Relief, we know how to adjust and/or present your existing programs or build new ones from scratch to earn compliance with CR60. Contact us today to get started.