Jewelry store WC class code 8013 rates are going up by 22.5 percent starting October 1 so business owners in search of the best pricing for their workers comp insurance may want to start accepting competitive quotes now.
New rates released by the NYCIRB (New York Compensation Insurance Rating Board) vary based on rating classification code so not all business owners will see such a sharp rise in their New York workers comp rates. Jewelers though will experience an increase in their monthly premiums with the base rates going from .40 to .49.
Workers Compensation Class Code 8013 Defined
Stores that report their payroll under class code 8013 operate as wholesale, retail or mixed jewelry dealers. The class applies to stores that sell fine or fashion jewelry including rings, necklaces, pins, earrings and other similar fashion items for personal use.
Additionally, jewelry employers that also have giftware, silver, glassware and other non-jewelry items within their main operations will use class code 8013 as well. Companies that repair or engrave jewelry are also classified within this payroll code.
Workers Comp Code 8013 Examples
Companies with operations subject to the rating classification 8013 include:
• Jewelry Stores
• Coin Retailers
• Diamond Cutters and Polishers
• Watch & Clock Stores
• Optical & Hearing Aid Stores
• Precious Stone & Metal Dealers
Class Code 8013 Exclusions
Some operations that appear as if they belong to workers comp code 8013 do not actually fall under this classification. They are excluded from 8013 and must use a different class code to accurately reflect their employee experience:
• Companies that only deal in silverware like dishes and trays do not fall under jewelry. Instead, they report payroll under 8017 for retail and 8018 for wholesale.
• Miscellaneous gift stores that sell clocks, leather and other gifts also fall under 8017 for retail stores and 8018 for wholesale vendors.
• For stores that perform jewelry, watch & clock repair as a primary operation, their payroll goes under class code 3383.
• Optical operations such as lens surface grinding for prescription lens fall under code 4150 with optometry assigned to class code 8832.
• For employees that work for jewelry stores but perform duties such as security, repair or janitorial, their payroll code is 9015 rather than WC class code 8013.
For help with jewelry store workers comp or other retail store insurance coverage, contact us for a free review and quote. We represent your interests to find you the best workers comp insurance to suit your business needs and budget.