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, 199 Church Street, New York, NY 10007, 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 50% 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. Safety Groups give members up to 20% Advance Discount

Safety Groups give members up to 20% Advance Discount off the statutory rates, in addition to any discounts an employer receives from experience modifications.

#2. Dividends of 25% to 40%

The 15 year average dividend paid is 36.4% 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.

#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.

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.

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.

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 $1.85 per male per month and $4.10 per female per month. This exclusive program is offered through the First Rehabilitation Co. of America, 600 Northern Blvd., Great Neck, NY 11021.

To save up to 50% 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!