Eligible members will get substantial portion of workers’ compensation insurance premium returned
ALBANY, NY — The Retail Council of New York State reports that eligible members of its Workers’ Compensation Safety Group 493 will receive a dividend of 43.6% for the year 2022, including a 10% enhanced discount for the 2024 renewal period. Merchants will receive the remaining 33.6% as a dividend check from the New York State Insurance Fund (NYSIF), which plans to disburse funds Monday, November 13.
Workers’ compensation insurance is mandatory for most business owners across New York State. While the loss costs/rates have decreased in recent years, it remains a significant expense for employers. To illustrate the impact of the Safety Group 493 dividend, a large furniture store with an applicable premium of $63,000 will receive a dividend of $17,325; a small pastry shop with a $6,800 applicable premium will receive $1,870; and a local hardware store with a $10,800 applicable premium will receive $2,970.
“Our top priority as an organization is to ensure a significant return on investment for the stores we represent,” said President and Chief Executive Officer Melissa O’Connor. “This year, we are able to return 43.6% of workers’ compensation insurance premiums to members of our Safety Group, an impressive dividend that we worked hard to secure. I want to thank each business — large and small — for their efforts to maintain a safe workplace every day.”
The Retail Council’s Safety Group 493, one of the longest-running, most successful safety groups in New York State, was formed in 1976 as a means of providing affordable, group-rate workers’ compensation insurance to safety-conscious businesses with a history of low or no workers’ compensation claims. Today, the group is made up of retailers both large and small, from a supermarket chain to a sole-proprietor florist. While a dividend is not guaranteed, Safety Group 493 has returned dividends every year to its eligible members, totaling more than $100 million.
About the Retail Council of New York State
The Retail Council of New York State is the leading statewide trade organization of its kind, representing thousands of stores that range in size from sole-proprietor businesses to national and international brands. Headquartered in Albany, just one block from the state Capitol, the Retail Council is the exclusive voice for the retail industry in New York. Our professionals have extensive experience in government and media relations, and also provide businesses with the tools and support they need to operate efficiently. Members enjoy a wide range of money-saving programs, including merchant services, insurance programs, retirement plans, payroll processing and point-of-sale software. For more information, visit www.rcnys.com.
