EXCEPTIONAL PERFORMANCE YIELDS HIGH RETURNS
Fund Members Receive $760,000
Congratulations Fund Members! The Michigan Grocers Fund is very pleased to announce its first return of profit to participants of the self-insured workers’ compensation program. The Fund was approved to distribute $760,000 of surplus premium back to eligible members. As a member-owned program, all premium collected that’s not used for claims and administrative expenses is returned back to members. Since the Fund’s inception, members have received $3,377,000 which represents a 40% average return.
The Michigan Grocers Fund Board of Trustees Chair, Curt DeVries of Harding’s Markets-West, states that he’s “thrilled with the performance of the program and this excellent performance allows a significant financial return to each member while maintaining the sound financial stability of our group.” DeVries added that “the Fund’s Board takes the responsibility for the costs associated with workplace safety very seriously. The members have also done an outstanding job to produce very low losses and, with the help of our loss control partners, are actively involved in the claims management process.”
Established in 2014, the number of participants continues to increase, as well as the profit returns, with more than 60 members currently in the program. By keeping the overall costs associated with workers’ compensation low, the Fund is the long-term solution for employers. The Fund’s profits, which include premium dollars not used to pay administrative costs and claims, are returned back to members along with investment income. Over time, Fund members receive their premium back in the form of a profit return. The profits are the result of members having excellent loss history with an average profit return equal to 40% of their annual premium.
One of the many value-added services that the Fund provides is safety and loss control specialists. Sedgwick provides educational tools and services that can help members prevent potential claims and assist in the ongoing profitability of the Fund and its members. The Michigan Grocers Fund has partnered with Midwest Employers Casualty Company, the Fund’s excess insurance provider, to offer even more value-added services. HR360, an online human resource site, is also available at no cost to Fund members. This resource delivers step-by-step guidance and tools when and where you need it, including current federal and state employment laws, downloadable forms, posters and a sample employee handbook.
For most members, the cost savings is the primary reason they insure with the Michigan Grocers Fund. It has proven to dramatically reduce the overall costs of their workers’ compensation insurance year after year. Each member can further reduce their costs with the help of the Fund’s loss control resources available in preventing claims and reducing the frequency and severity should claims occur.
The Michigan Grocers Fund is sold and serviced by a carefully selected statewide network of independent insurance professionals with expertise insuring the grocery industry. The Fund is endorsed by the Michigan Retailers Association.
CONGRATULATIONS to Fund members for an excellent job on keeping their premium costs low and employees safe! As a member-owned program, please spread the word to your industry peers about the benefits of insuring with the Fund. For more information, contact the Fund Administrator, RPS Regency at 800.686.6640 or visit migrocerfund.org.