Press Release:
New York State Insurance Fund announces new program rewarding businesses for purchase of Personal Protective Equipment
Workers’ comp policyholders can earn up to a $500 credit for qualifying supplies
ALBANY, N.Y. – New York State’s largest workers’ compensation carrier – the New York State Insurance Fund (NYSIF) – introduced a new COVID-19 Personal Protective Equipment (PPE) Premium Credit Program that will make it more affordable for its policyholders to get back to business. Under the new initiative, current workers’ comp policyholders can earn a 5% credit of their annual premium on the purchase of PPE, with a maximum reimbursement of $500.
The program is designed to help offset the cost of vital PPE and safety-related items needed to help protect workers from the COVID-19 virus. Eligible equipment includes masks, goggles, gloves, gowns, hand sanitizer and other COVID-19 safety related items.
“With the PPE Premium Credit Program, we aim to assist companies around the state make the transition back to work in a safe and affordable way,” said Eric Madoff, Executive Director and CEO of NYSIF. “As a partner in safety, we are here to help our policyholders keep themselves, their employees and their businesses protected.”
NYSIF is among the top 10 largest workers’ compensation carriers in the nation, insuring approximately 150,000 policyholders in New York State. For more details on NYSIF’s COVID-19 PPE Premium Credit Program, as well as training materials on how businesses can protect their workers, please visit www.nysif.com/PPEinfo.
About the New York State Insurance Fund (NYSIF)
The New York State Insurance Fund (NYSIF) was established in 1914 as part of the original enactment of the New York State Workers’ Compensation Law. NYSIF's mission is to guarantee the availability of workers’ compensation insurance at the lowest possible cost to New York employers and to provide timely, appropriate indemnity and medical payments to injured workers, while maintaining a solvent fund. Since inception, NYSIF has fulfilled the dual roles for which it was created: to compete with other carriers to ensure a fair marketplace and to be a guaranteed source of coverage for employers who cannot secure coverage elsewhere.
NYSIF is the largest workers’ compensation carrier in New York State and among the top 10 largest workers’ compensation carriers in the nation, insuring approximately 150,000 policyholders, with more than $2 billion in annual premium and $18 billion in assets. A self-supporting insurance carrier, NYSIF operates without taxpayer funding.
In addition to workers’ compensation insurance, NYSIF provides disability benefits coverage for off-the-job injuries to more than 61,000 New York employers. In 2018, NYSIF added paid family leave as a component of its disability benefits product, providing New Yorkers with job-protected, paid time away from work to care for their families.
For more information, visit www.nysif.com.