Retail Council returns nearly $5 million to Workers’ Compensation Safety Group 493

ALBANY, NY (10/25/2007)(readMedia)-- Merchants who participate in the Retail Council of New York State’s Workers’ Compensation Safety Group 493 will soon receive close to half of the premiums they paid in policy year 2006 back in the form of a dividend. The 40 percent dividend represents a return of more than $5 million to the 1,300 merchants who participate in the group.

“The rising cost of insurance is a huge expense and a constant worry for retailers,” said Retail Council President and Chief Executive Officer James R. Sherin. “Our workers’ compensation group is one of our top member programs because we continue to demonstrate that we can lower workers’ compensation insurance costs for retailers who maintain safe workplaces. The dividend is one way we accomplish this.”

The Retail Council has averaged a dividend return of nearly 40 percent to participating members over the past 29 years. Although dividends aren’t guaranteed, more than $82 million has been returned to Retail Council members in the form of workers’ comp dividends since 1978. The steady dividend history makes the Retail Council’s group, one of the oldest safety groups in New York state, also one of the most successful. The dividend is in addition to an upfront policy discount of up to 20 percent.

“Our ability to offer mandated workers’ compensation insurance coverage at a savings of up to 60 percent is a clear indication that we’re managing the group well and that our retail members are managing their workers’ comp risks well, too,” said Mr. Sherin.

Retail Council members who participate in Safety Group 493 can anticipate even greater savings in 2008. Recently enacted legislative reform of the state’s workers’ compensation insurance system supported by the Retail Council will cut premium rates for most businesses an average of 20 percent.

Members of Safety Group 493 will also see a significant reduction in the New York state assessment, a charge to all workers’ compensation policyholders for administrative expenses and special funds, applied to 2008 renewals. The Safety Group’s underwriter, the New York State Insurance Fund, will collect an assessment of only 6.6 percent – a savings of 65 percent over what policyholders paid in 2007.

Retailers interested in learning more about Workers’ Compensation Safety Group 493 can call the Council toll free at (800) 442-3589 for a no-obligation quote. For more information about the Council, please visit www.retailcouncilnys.com.

About the Retail Council: The “Voice of Retailing” in New York state, the Retail Council represents 5,000 member stores of all size and variety. The Council offers money-saving group benefit programs and government relations expertise to its members.

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