Workers’ Compensation Insurance

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 38 years!

Significant Savings

Safety Group 493 members received a 40% dividend in 2016, 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

One of our licensed insurance agents will 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 more than 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% 1998 55%
1980 35% 1999 50%
1981 40% 2000 45%
1982 40% 2001 30%
1983 45% 2002 42.5%
1984 45% 2003 45%
1985 25% 2004 42.5%
1986 43.3% 2005 45%
1987 22.5% 2006 45%
1988 20% 2007 40%
1989 22.5% 2008 37.5%
1990 35% 2009 37.5%
1991 35% 2010 40%
1992 37.5% 2011 32.5%
1993 37.5% 2012 25%
1994 40% 2013 37.5%
1995 40% 2014 22.5%
1996 45% 2015 25%
1997 45% 2016 40%

*Dividend reflects prior policy year’s performance.