20 Years Strong! MRL Fund Distributes Over $3.6 Million
20 Years Strong! Another Exceptional Return: The MRL Fund Distributes Over $3.6 Million
Congratulations to the participants of the MRL Fund! Members of this highly successful self-insured workers’ compensation program will be receiving one of the largest returns of profit in the Fund’s history. Again, this year the Fund was approved to distribute $3,650,000 of profit back to its members. This return brings the total profits returned to over $34.8 million since the Fund’s inception in 1992.
The MRL Fund, a member owned self-insured workers’ compensation program, has several distinct advantages over most standard insurance carriers. The MRL Fund’s excellent performance has insulated its members from the turbulence of the traditional insurance marketplace. From substantial profit returns to aggressive claims handling, the Fund is the most cost-effective workers’ compensation option for its members year after year. Most importantly, Fund members receive stable yet competitive upfront pricing. This competitive pricing, along with the MRL Fund’s selective approach to underwriting new members, is designed to save members money on the total cost of workers’ compensation over the long term.
Additionally, The MRL Fund takes the responsibility for the costs associated with workplace safety very seriously, and the Fund’s Board of Trustees feels that the best way to insure a successful fund is to work with members regarding safety and loss prevention. MRL Fund Trustee, Tom Doyle of Brann’s Sizzlin Steaks & Sports Grilles, states that “the Fund will finish the current year with an exceptional claims record. We attribute the low claims to the members’ demonstrated commitment to workplace safety and involvement once a claim occurs.”
By focusing on accident prevention and proper claims management, Fund members continue to keep their costs down as low as possible. The Fund offers its members numerous safety resources and loss control programs that are specific to the hospitality industry. Some of the Fund’s educational training focuses on creating a safety culture in the workplace, by working with owners/supervisors on proper claims handling, accident investigation, return-to-work programs and making every employee accountable for safety on the job. The Fund works with loss control specialists who provide sound guidance and cost-saving solutions on safety and loss prevention for its members.
In addition to safety, workers’ compensation claims are treated with great diligence in the way they are handled. The Fund is very loss sensitive and sees every claim dollar being spent as their money. The Fund controls these costs by fighting fraudulent claims and by requiring claim settlements to be authorized by a board of trustees, comprised of Fund members.
Keeping the total cost of workers’ compensation down means more profit to go back to the fund members. With an average profit return of 45%, the MRL Fund proves to be a true benefit offered exclusively to members of MRL! “There’s no comparison to our low premiums says Doyle, Brann’s has been in the Fund for a number of years and in recent years has averaged an effective rate of .98 for our workers’ compensation insurance, which is the most competitive product offered in the marketplace.”
MRL Fund Eligibility
Participants of the Fund must be a member of the Michigan Restaurant Association or Michigan Lodging & Tourism Association. The majority of payroll must fall into one of the following classifications: fast food, family dining, fine dining, bar & grill, delis, coffee shops, banquet halls, hotels/ motels, resorts, inns.
If you’re not currently a member of the MRL Fund, please contact Regency Group for more information.
