Dividend Declared for Safety Group #572
The Flanders Group is pleased to announce that Safety Group #572 will be declaring a 30% dividend for the 5/1/2018-2019 policy term. The enhanced 25% upfront discount also applies for the 2020-2021 policy term.
What is a safety group?
A safety group is a workers’ compensation program that groups like businesses together to reduce their costs – it spreads the risk from the individual policyholder to the entire group. With a safety group, each company gets their own insurance policy and experience modification factor based on their losses.
The premiums of the entire group are pooled together, claims and expenses paid, reserves set aside for increases in ongoing claims and the rest is returned in the form of a dividend. Unlike a trust, safety groups are fully insured and members can never be assessed for additional premiums beyond their earned premium for a given year.
A Safety Group is a unique choice in a sea of workers compensation choices. For more information on whether you qualify for a safety group, call us at 800-462-6435.