By: Kevin J. Cook, AAI, AIS, NYSRA Member Services Director
You might be wondering, what is a Safety Group?
We are talking about the NYSRA Workers’ Compensation Safety Group 505. The members and Board of Directors of NYSRA recognized that workers’ compensation costs were continually increasing, and that there needed to be a way to control those costs while at the same time providing the required coverage. NYSRA, in partnership with the New York State Insurance Fund (NYSIF), created Safety Group 505 in 1985.
Put simply, a Safety Group takes operations that have similar exposures to risks, such as restaurants, and groups them together. The idea is to spread the risk from the individual policyholder to the entire group. The group works with the insurance company (NYSIF in this case) to improve the safety of all employees to reduce the number of work related injuries. NYSIF will provide safety services and training to all participants of the group. The goal is to reduce the number of injuries for a policyholder which will help reduce the cost of the workers compensation coverage.
Other advantages of Safety Group participation include the potential for an advance/upfront premium discount and the potential for an annual dividend. NYSRA’s Safety Group 505 has paid a dividend to members every year since its founding.
This is a high level overview of what a Safety Group is, workers’ compensation is an important and required insurance coverage. As such, you should speak with an insurance professional to see if a Safety Group is right for your organization. And ask them how you can save up to 50% on your workers’ compensation cost by participating in Safety Group 505!
As the trade association for New York restaurants, the New York State Restaurant Association works to further the business interests of restaurant owners and to provide valuable support services to members. The Association provides a platform for statewide cooperation and leadership on advocacy issues, along with resources and support to help restaurateurs succeed. Together with their members, they are shaping the future of the restaurant industry. Learn more at their website.