Today we had our virtual monthly board meeting and our Insurance Committee notified us of some changes to Workers Compensation & Employers Liability Insurance:
“It is essential for all of us to adapt to the challenges, legal requirements, best practices and opportunities imposed upon us all by the COVID-19 Pandemic. For this reason, we have and will continue to disseminate critical developments within our industry to you. One such important development address’s how Workers Compensation Insurance Companies in NJ will handle furloughed employees and those working at home in a different capacity.
Attached is the full New Jersey Compensation Rating and Inspection Bureau Circular detailing the revisions due to COVID-19 Pandemic and below are the two key revisions for your reference:
- any payroll payment made by an employer – regardless of the source of those funds – to an employee who is not rendering services for the employer will be reported under new code 0012 without a rate (i.e. no WC Cost)
- any employees, whose duties were previously assigned to a higher-rated governing classification, to be reassigned to code 8810 (clerical office), where those employees now work in a stay-at-home environment performing duties consistent with clerical operations.
The main priority is maintaining clear payroll records with detailed job responsibilities in which they apply to ensure proper record keeping and premium payments at the time of audit. Mike Egan, The Selzer Company”