ALBANY, NY (11/08/2011)(readMedia)-- More than $3 million in dividend checks is being returned to merchants in the Retail Council of New York State's Workers' Compensation Insurance Safety Group 493. The money represents 32.5 percent of the insurance premium paid last year by the nearly 1,200 retailers who get their workers' comp insurance through the Council.

The New York State Insurance Fund (NYSIF), underwriter of the Council's Safety Group, recently approved the 32.5 percent dividend request made by the Retail Council. The Council has averaged a workers' comp dividend of nearly 40 percent to participating members for the past 33 years returning more than $97 million to safety-conscious retailers. The steady dividend history makes the Retail Council's Safety Group, one of the oldest in New York state, also one of the most successful and secure.

"The mission of the Retail Council is to advocate for and help improve the bottom line of our members," said Retail Council President and Chief Executive Officer James R. Sherin. "Maintaining a benefit program that consistently saves merchants 50 percent or more on their state-mandated workers' compensation insurance premiums certainly underscores that mission."

"I appreciate being rewarded for my efforts to maintain a safe workplace," said Retail Council member Clint Hegeman, owner of the Silver Parrot, a women's jewelry and clothing boutique in Albany and Clifton Park, N.Y. "The Retail Council's Safety Group offers one of the best deals available on workers' compensation insurance for merchants in New York state."

Members of the Retail Council's Safety Group 493 also pay a lower New York state assessment than do customers of all other private insurance carriers. NYSIF imposes an assessment of only 10.1

percent on 2012 renewals while other carriers charge 20.2 percent. In addition, the Council's Safety Group offers an up-front policy discount of 25 percent.

"The Retail Council's careful management of Safety Group 493 is evident in the great track record of strong dividends and up-front policy discounts," Sherin said. "Retailers can feel confident placing their workers' comp policies with the Council."

About the Retail Council:

The "Voice of Retailing" in New York state, the Retail Council represents thousands of member stores of all size and variety, and offers money-saving group benefit programs and government relations advocacy to its members. For more information about the Council or Safety Group 493 visit www.retailcouncilnys.com.

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Posted Tuesday November 08, 2011 at 09:37 am by Retail Council of New York State
Last Updated Tuesday November 08, 2011 at 11:29 am