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Benefits Of A New Jersey Small Business Owners Workers’ Comp Dividend Program

Benefits Of A New Jersey Small Business Owners Workers’ Comp Dividend ProgramWith a New Jersey Small Business Owners Workers’ Comp Dividend Program, your small business will be able to save on workers compensation premiums. The program aims to provide small business clients across New Jersey with access to programs and markets and assist with growth, retention, and discounted premiums.

About Dividend Programs

The Balance cites three types of dividend plans – flat dividend plans, sliding scale dividend plans, and combination plans. The sliding scale dividend, also referred to as the variable dividend, is the most common plan, in which the dividend received is a percentage dependent on the company’s loss ratio and earned premium for the year. In a flat dividend plan the company receives a percentage of the earned premium disregarding any losses from that policy period, and a combination plan takes aspects of the previous two types (for example, the dividend may increase depending on the premium) and frequently includes a maximum loss ratio. The New Jersey Small Business Owners Workers’ Comp Dividend Program is a sliding scale dividend of up to 10%.

Benefits

There are many benefits to having a New Jersey Small Business Owners Workers’ Comp Dividend Program. As Pure Digital Inc. states, a dividend plan will create a more positive work environment for all employees, and will motivate employers to improve safety measures within the workplace. Additionally, as cited in Workers Compensation Consultants, dividends will not add costs for larger claims; they will only lower a policy’s price. By participating in the New Jersey Small Business Owners Workers’ Comp Dividend Program, a business will significantly save on their premium for each claim dollar saved through the plan.

About ASIA

Associated Specialty Insurance Agency, Inc. has been “The Workers’ Compensation Specialist for Brokers and Agents” for two decades, and is committed to providing brokers and insurance agents across the East Coast with expertise and services to develop a Workers’ Compensation policy. For more information about how we can assist you with claims management, anti-fraud measures, and more, call 610-543-5510 to speak with one of our professionals.

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