WORKERS’ COMPENSATION SAFETY GROUPS
A safety group is a collection of businesses who are in the same trade or industry. The members of the safety group are homogeneous or have similar work conditions, safety hazards, and job risks.
These fully insured, not-for-profit safety group programs compile members’ annual workers’ compensation premiums and then deduct the costs of claims plus administrative charges.
All safety groups maintain a contingent balance to fund future increases of on–going claims. Any money left over after accounting for these expenses is available for payment of a dividend.
Lovell offers Safety Group Programs for 12 different industries, listed below.
BENEFITS OF A SAFETY GROUP
- Year–end cash dividends, averaging 25% with over $1.15 billion in dividends paid to date to our customers.
- Cash–flow savings through advance discounts, averaging 25-30% with over $1 billion in discounts issued to date.
- Employer costs and liability are limited to group premium with no joint and several liability (fully insured).
- Reinsurance protection to limit the cost of any single incident.
- Unparalleled best in class claims, safety and underwriting services.