As employers and our communities manage the unprecedented challenges and economic uncertainties resulting from COVID-19, SFM is doing what it takes to help our policyholders in these uncertain times. We know that many businesses have had to lay off or furlough workers, and our business community is facing a significant decline in revenues. SFM is committed to doing all we can to help minimize the negative impacts.
Flexibility for policyholders who are struggling
We know many employers have experienced a financial hit due to the current crisis, and we’ve taken a number of steps to ease the financial uncertainty for these policyholders.
We’ve extended the grace period for payment due dates to 60 days beginning April 16, 2020. SFM will keep policies active and won’t cancel coverage for policyholders unable to make their regularly scheduled payment. We are withholding cancellation notices during this time, and will work with employers and their agents on flexible payment options. In addition, we’re waiving installment fees for premium payments.
We are also reducing premium costs by amending class codes for furloughed employees.
If you have a client that could benefit from added flexibility at this time, please reach out to your SFM underwriter.
Continued service for our customers
Nearly all of our 280+ employees are now working from home, and are doing everything they can to help employers, injured workers and our agent partners.
Our experts are available, as always, to address your questions or concerns, and those of your policyholders.
To provide for sustained operation during events like this, SFM has a tested and ready Business Continuation Plan that includes all the necessary provisions to maintain the services required to fulfill our responsibilities as a workers’ comp insurer. SFM’s leadership meets regularly to assess the actions needed to assure successful continued operation.
Resources to help employers navigate new issues
The COVID-19 pandemic has raised many new questions for employers.
SFM has assembled a variety of resources you can share with your customers, including:
- An article on compensability of infectious diseases that may have been acquired at work
- Advice on ergonomics while working from home
- Information on the temporary Minnesota law change for first responders
See all of our resources for policyholders on our COVID-19 resources page.
Our loss prevention specialists are still available to answer employers’ questions and provide virtual safety visits for our policyholders.