Steven Bell, Vice President, Underwriting & Sales
To compete in the ever-changing and competitive landscape of the construction ndustry requires a low-cost, reliable, and comprehensive workers’ compensation insurance solution. In keeping with SBE’s mission of providing members with valuable programs and services, Lovell worked with employers in the construction industry in 1960 to create a workers’ compensation insurance safety group program. With over 64 years of history, this fully insured program known as Safety Group #469 – The NYS Construction Industry, operates on a non-profit basis, providing low upfront costs while delivering financial returns through dividends. Since its inception, Safety Group #469, has returned over $620 million in cash dividends to membership.
What is a Workers’ Compensation Safety Group?
Safety Groups were established in New York State to serve the business community. Safety groups are a collection of businesses who are in the same trade or industry who group together to reduce their workers’ compensation costs. This grouping enables the members of a safety group to spread the risk of loss from the individual policyholder to all members of the group. These fully insured, not-for-profit programs combine members’ annual workers’ compensation premiums and then deduct the costs of claims and administrative charges. Any money left over after accounting for these expenses is available for payment of a dividend. To reduce the cost of workers’ compensation insurance, safety group managers encourage and assist members in instituting measures to prevent accidents and make the workplace as safe as possible.
Who is eligible for Workers’ Compensation Safety Group #469?
All SBE members with primary business operations in New York State are potentially eligible for Safety Group #469. In business, occasional losses are inevitable. To ensure the success of the program, it is imperative that group members as a whole achieve good loss results. Although eligibility extends to all members with primary operations in New York State, qualification is based on historical loss trends, underscoring the significance of a steadfast dedication to safety practices.
Recognizing the diverse footprint of businesses in the construction industry, the program can extend workers’ compensation insurance coverage to other states. This coverage enables members to manage their workers’ compensation insurance through a single invoice, simplifying the complexities associated with overseeing coverage in multiple states.
How does Membership in Safety Group #469 Benefit Construction Industry Employers?
Joining Safety Group #469 presents construction industry employers with a host of compelling advantages. Members enjoy an advance discount of up to 32.5% on their workers’ compensation insurance costs. In addition, any underwriting profits that the group earns are available to pay dividends. The dividend for the most recent year was 27.5% of premium. The combination of these dividends and discounts makes the program virtually unbeatable in the marketplace. The benefits of membership are more than just financial; the safety group also provides access to industry leading safety, claim and underwriting expertise.
How is Workers’ Compensation Safety Group #469 managed?
Group #469 is managed by Lovell Safety Management Co., LLC and by a committee of its members. Lovell Safety Management Co., LLC has been the market leader in managing workers’ compensation safety groups since 1936. As safety group manager for Group #469, Lovell provides comprehensive services to ensure the program’s success.
Lovell’s team of experts provide loss prevention services to control losses, claims management services to mitigate the cost of claims, and underwriting services to ensure each member is priced at the lowest possible cost. These services produce underwriting profits that get returned to members through upfront discounts and dividend payments.
Summary:
The strategic partnership between the SBE and Lovell Safety Management Co., LLC serves as a testament to SBE’s commitment to providing unparalleled benefits for members. The combination of the SBE’s and Lovell’s respective expertise ensures that members can navigate the complexities of workers’ compensation insurance and the construction industry with confidence.
To learn more about Safety Group #469, please contact Lovell directly at 1-800-556-8355.