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SAFETY GROUP 530: Workers Compensation Insurance for Residential and Commercial Real Estate Businesses
How does it work?
Since 1990, Safety Group 530 has consistently saved property managers and owners money on their Workers Compensation insurance. The Group represents nearly 700 policies with strong safety records, and obtains discounts off the New York State workers compensation rates. The Group has also provided dividend checks to each policy holder every year since 1992. During the last 12 years, the dividend has averaged 20%. The combination of rate discount and dividend easily justifies the 10% service fee and the required Building and Realty Institute membership.
The Group purchases reinsurance to reduce the impact of large claims on Group financial performance and to maintain the ability to provide rate discounts and dividends each year. In addition, the Group has amassed a $3,000,000 contingency reserve fund to absorb large claims and losses.
Importantly, when you are in a safety group, there is no possibility of additional charges or assessments. You never have to sign a contract holding you jointly and severally liable for the finances of the group, as is the case with some other workers compensation programs.
Who is eligible?
Businesses that manage cooperatives, condominiums, apartment houses, office buildings, shopping centers, etc. are eligible for Safety Group 530, provided they have a good workers compensation safety history.
Safety Group History
The Group has saved companies up to 50% on workers compensation premiums as a result of an Advance Policy Discount and an annual dividend.
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LAST 13 YEARS DIVIDEND HISTORY |
Year |
|
% |
2006 |
|
20% |
2005 |
|
22.5% |
2004 |
|
20% |
2003 |
|
20% |
2002 |
|
5% |
2001 |
|
5% |
2000 |
|
20% |
1999 |
|
30% |
1998 |
|
45% |
1997 |
|
40% |
1996 |
|
35% |
1995 |
|
25% |
1994 |
|
35% |
Who handles claims?
Initially, claims are reported to the Group’s own claims service, by calling 877-458-2667. The service assists the employer with submitting required forms and insures that the claim is properly reported. The service contacts the injured employee to learn more about the claim and determine whether there were pre-existing conditions or other factors that could reduce the cost of the claim to the employer. The service also calls the medical provider to confirm correct costs are being charged to the claim.
What about small claims?
Employers are not required to inform their insurance carrier about minor injuries to workers on the job, as long as the claim is properly documented from the beginning. Employers can pay the costs associated with minor job-related injuries directly. If the injury ultimately requires more costly care, the claim can be submitted to workers compensation at a future date. Direct payment of small claims by the employer helps to improve the employer’s experience modification, which helps reduce workers compensation premium costs. Frequent reported claims are more damaging to an experience modification than a single severe claim.
Links
State Fund
State Fund Application needs
NY State Rating Board
Builders Institute
Safety Group Application
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