The New York State Insurance Fund (NYSIF), the state’s largest workers’ compensation insurer, announced that it will extend coverage to out-of-state employees for the first time.
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. This means these employers will not have to buy 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.
The new program stems from legislation passed in 2021 permitting NYSIF to provide coverage for its policyholders’ employees across the United States.
NYSIF’s new out-of-state coverage does not apply to disability or paid family leave policies.
With nearly 200,000 policyholders, $1.9 billion in annual premiums, and over $20 billion in invested assets, NYSIF is the largest workers’ compensation insurer in New York State and among the 10 largest nationwide.
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