You are here

Fund News: 2021 Renewal Give Back $685,000 to Members

Fund Returning Profits to Members

Workplace Safety Creates Record Return Fund Members Receive $685,000

Members of the Michigan Grocers Fund continue to be rewarded for their tremendous performance! For the 2021 policy year, participants of this highly successful self-insured workers’ compensation program will be receiving their largest return of profit in the Fund’s history. This year the Fund was approved to distribute $685,000 profit back to its members. Since 2014, the total profits returned are over $1.8 million.

For six years, the Michigan Grocers Fund has operated for the exclusive benefit of its members. The Fund has been a stable and competitive workers’ compensation option for grocer members of the Michigan Retailers Association statewide. As a member-owned program, the Fund is committed to working with members to provide a safer workplace for their employees. This in turn helps keep workers’ compensation costs to a minimum. Over 50 members are currently participating in the program.

The formula for success is simple - the lower the Fund’s claim costs, the greater the profits! The underwriting approach is very selective when accepting new members. The selection process helps ensure that only the best performing grocery and convenience store owners participate in the program. Each new applicant is carefully reviewed and must have a proven track record of low losses, acceptable work exposures, an implemented safety program and be financially stable. 

For members that have experienced claims or want to prevent potential claims from occurring, the Fund also has a dedicated staff of safety and loss control consultants who specialize in the grocery industry and are available to help members in a variety of ways. They assist Fund members by providing safety consultations, management training, safety manuals and a variety other safety resources. 

The MI Grocers Fund safety and loss control specialists’ objective is to provide educational tools and services that can help members prevent potential claims and assist in the ongoing profitability of the Fund. In addition, Fund members receive semi-annual reports that reflect how they are performing and the amount of profit they are estimated to receive.

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 on another excellent year! If you’re not currently taking advantage of the Fund, contact RPS Regency for more information or