Need quotes? NY Work Comp Class Codes. If you don't have a Payroll Limitation worksheet to meet your specific needs, this sample worksheet accounts for most situations. Executive Officer Payroll Limitations. Effective October 1, 2020 the executive officer payroll limitations, which are based on the state average weekly wage (SAWW), changed to a minimum of $240 (weekly) / $12,480 (annual) and a maximum of $1,180 (weekly) / $61,360 (annual). Refer to Circular Letter #2376. 9156, Theaters – dance, opera and theater companies – all performers and directors of performers – N.O.C. Payroll for each covered officer is subject to minimum and maximum charges. Workers' compensation is a commercial insurance product categorized as Property & Casualty insurance (P&C Insurance). Since the premium is based in part on payroll that is estimated at the beginning of the policy year, the final premium could be more or less, depending on the actual payroll … The insurance carrier requests an estimate of total annual payroll from the employer. In addition, the same annual payroll limitation has historically applied to select employees in classifications with many highly compensated employees and great variability in wages. The Sole Prop may opt to have him/herself included on a policy by filing Form C-105.32 with your work comp insurance carrier. Most business owners are aware that workers compensation insurance is compulsory for employees. We are here to help. Which factors determine Work Comp Premium? As a result, the WCIRB identified classifications that: For policies effective on or after January 1, 2020, seven classifications are newly subject to the USRP annual payroll maximum. Depending on the industry and the structure of the business, NY Corporate Officers have several various exclusions. We suggest connecting with New York Compensation Insurance Rating Board to ascertain further details. NY workers' comp verification tool. WorkCompQuotes.com is an independent insurance brokerage. We simplify the workers' compensation insurance buying experience.