Workers’ compensation insurance is mandatory for most businesses in New York State, but returning dividends to participants is not mandatory for insurance companies. The Retail Council’s Workers’ Compensation Safety Group 493 has averaged a 38% dividend return to participants over the past 40 years! (What is a dividend by the way?)
Significant Savings
Safety Group 493 members received a 42.5%** dividend in 2018, for a total of $4.7 million returned to eligible members! Dividends average 38% over the life of the group. Plus, eligible members receive up-front policy discounts of 25%.
NYSIF PAYGO
The Retail Council partners with the New York State Insurance Fund to offer PAYGO – a simple and convenient way for eligible policyholders to pay workers’ compensation insurance through approved payroll processors.
Request Your Free Workers’ Compensation Insurance Quote or more info
One of our licensed insurance agents, Virginia or Ken, will answer your questions and tailor a quote for your business.
The Retail Council’s fully-insured Safety Group is made up of members with a consistent safety record at their businesses. (What is a Safety Group?) Since Safety Group 493 formed in 1976, we have been helping our eligible members lower their workers’ compensation insurance costs by returning a portion of their premium in the form of annual dividends. Who is eligible for Safety Group 493? >
There’s Safety in Numbers
The group, made up of nearly 800 retailers, is one of the longest running, most successful safety groups in New York State and maintains a healthy contingent reserve. While not guaranteed, members can usually anticipate an annual dividend.
Personalized Service and Paper Work Translation
Our team of licensed professionals acts as the liaison between the New York State Insurance Fund and safety group members, which is great news for you if you’re looking for quick, personalized attention and clear answers to your specific policy questions.
Looking for more information about workers’ compensation insurance? Read our Workers’ Comp FAQ >
Additionally, you can complement your workers’ compensation insurance policy with the Council’s statutory disability insurance program.
Underwritten by the New York State Insurance Fund. Dividends cannot be guaranteed, but check out our dividend history below!
Retail Council of New York State – Workers’ Compensation Safety Group 493 Dividend History
| Year | Dividend* | Year | Dividend* |
|---|---|---|---|
| 1979 | 35% | 1999 | 50% |
| 1980 | 35% | 2000 | 45% |
| 1981 | 40% | 2001 | 30% |
| 1982 | 40% | 2002 | 42.5% |
| 1983 | 45% | 2003 | 45% |
| 1984 | 45% | 2004 | 42.5% |
| 1985 | 25% | 2005 | 45% |
| 1986 | 43.3% | 2006 | 45% |
| 1987 | 22.5% | 2007 | 40% |
| 1988 | 20% | 2008 | 37.5% |
| 1989 | 22.5% | 2009 | 37.5% |
| 1990 | 35% | 2010 | 40% |
| 1991 | 35% | 2011 | 32.5% |
| 1992 | 37.5% | 2012 | 25% |
| 1993 | 37.5% | 2013 | 37.5% |
| 1994 | 40% | 2014 | 22.5% |
| 1995 | 40% | 2015 | 25% |
| 1996 | 45% | 2016 | 40% |
| 1997 | 45% | 2017 | 45% |
| 1998 | 55% | 2018 | 42.5%** |
*Dividend reflects prior policy year’s performance.
**5% applied to enhanced discount.