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Save Thousands
of Dollars On Your Workers' Compensation
New York State has the second highest Workers' Compensation costs in the United States…57 percent higher than the national average…59 percent higher
than Connecticut…85 percent higher than New Jersey. This is due to legislated increases in benefit levels, an
increase in claims litigation, and rising health care costs.
Armed with the right information and strategies,
thousands of employers have discovered how to cut costs dramatically by
taking control of Workers' Compensation.
The Solution: Workers' Compensation Safety Groups
Workers' Compensation Safety Groups, underwritten by
the New York State Insurance Fund, are comprised of businesses with a
proven history of safety. Through careful selection of members and claims
management, Safety Groups offer the following benefits:
- Save up to 40% on your Workers’ Compensation.
- Receive profits in the form of dividends.
- Save money by reducing your Experience Rating.
- Reduce Claims and premiums with proven safety
programs.
- Enjoy Professional claims administration.
- Improve employee morale, increase productivity, and
decrease economic loss.
Dramatic Savings
Here are just four easy ways you can save thousands of
dollars in Workers' Compensation costs, provide a safer working environment
for employees and benefit in numerous other ways from participation in a
Safety Group.
#1. Advance Discount of 25%
Safety Groups give members up to 25% Advance Discount
off the statutory rates, in addition to any discounts an employer receives
from experience modifications.
#2. Dividends of 25% to 45%
The nine year average dividend paid is 39% for the
four Workers’ Compensation safety groups, managed by the Friedlander
Group®. The groups are fully insured by the N.Y. State Insurance Fund, a
not for profit government agency.
Dividends are not guaranteed. See dividend history below.
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#3. Lower Experience
Modification Ratings
Since the best cost cutting strategy is to eliminate
unsafe work habits, practices and conditions, Safety Groups take pride in
their ability to help members improve safety awareness and reduce claims.
This proactive, hands-on claims management technique is the key to
lowering the experience modification factor.
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Call 1 800 394-7004, Ext. 206...Receive a free comparison of prices on your Workers' Compensation
and see for yourself that The Friedlander
Group®, Inc. -- Safety Group Managers -- offers substantial
savings!
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If your premiums have averaged at least $5,000
annually for the past three years, then you probably have
an experience modification on your policy.
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Retail Group of NY Workers' Compensation Safety
Group #544
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Policy Year
2004-5
2003-4
2002-3
2001-2
2000-1
1999-0
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Dividend Paid
35.0%
35.0%
35.0%
32.5%
32.5%
30.0%
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Wholesale Group of NY Workers' Compensation Safety
Group #551
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Policy Year
2004-5
2003-4
2002-3
2001-2
2000-1
1999-0
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Dividend Paid
35.0%
32.5%
30.0%
25.0%
32.5%
35.0%
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United Restaurants of NY Workers' Compensation
Safety Group #556
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Policy Year
2004-5
2003-4
2002-3
2001-2
2000-1
1999-0
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Dividend Paid
40.0%
40.0%
35.0%
27.5%
25.0%
40.0%
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$46 Million of dividends paid
for all years
in addition to Advance Discounts.
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The experience modification
rating is a factor that compares your company’s actual losses to the
expected losses for your industry. The calculations may result in a
premium reduction (when experience modification is less than 1.00) or a
premium increase (experience modification greater than 1.00).
Don't
underestimate the impact of your experience modification. The best modifications are
in the .60 range (40% discount), and the worst in the 2.00 range (100%
surcharge). For example, XYZ Company with $50,000 statutory premium and a
.60 experience modification will pay $30,000, before
discounts and dividends. But if XYZ Company’s claims increase
substantially, then their experience modification could increase to 2.00,
and their premium would then be $100,000. That’s a $70,000 difference in premium for
the same company, depending upon their actual claims experience. Safety in the workplace is the
solution, along with professional claims administration.
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Here's something no one else is telling business
people. Claims below $5,000 have a
dramatic impact on a company's experience modification and premium.
Depending upon factors like payroll, classification and premium size – each
dollar of claims (below $5,000) can cost you three dollars in extra
premiums. That is why
effective claims and reserves administration and safety in the workplace
are more critical to your bottom line.
Some businesses think all Workers’ Compensation
policies and services are the same.
Those that do can pay a heavy price for that error, as shown
above. With professional claims
administration and safety conscious management, premiums for the same
company discussed above can drop dramatically, as shown above. The
Safety Group benefits members by focusing on safety, claims prevention,
loss reserves reductions, cost effective claims reporting and claims
history analysis, all of which results in better experience modification,
lower premiums and higher dividends. This saves you tens of
thousands of dollars.
#4. New York Disability Benefits Law
Special Low Rates for Safety Group Members
Exclusively available to members of Workers'
Compensation Safety Groups managed by the Friedlander Group the Disability
Benefits Law Program (DBL) can provide businesses with rates of $2.40
per male per month and $5.70 per female per month. This
exclusive program is offered through the First Rehabilitation Co. of
America.
The Friedlander Group®, Inc.
New York’s Leader In Workers’ Compensation
Services for Retailers, Wholesalers, Restaurants, Hotels and Motels
$46 Million Paid Dividends to over 2,000 members
To save up to 40% or more on Worker's Compensation
call 1-800-394-7004, Ext. 206, to receive a FREE cost comparison and
see for yourself how Workers' Compensation Safety Groups save you money!
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