Michigan Cleaning Fund Earns Largest Return in 30 Year History! Over $1.1 Million Back to Members
30 Years Strong! Largest Return in Fund History! Over $1.1 Million Back to Members
Members of the Michigan Cleaning Fund continue to be rewarded for their excellent performance! For the 2012 policy year, participants of this highly successful self-insured workers’ compensation program will be receiving their largest return of profit in the Fund’s history. This year the Fund was approved to distribute $1,182,000 profit back to its members. The total profits returned are now over $14.1 million, since 1995.
For 30 years, the Michigan Cleaning Fund has operated for the exclusive benefit of its members. The Fund has been a stable and competitive market for eligible members of the Michigan Institute of Laundering & Dry Cleaning Association and the Midwest Carwash Association. The Fund is very unique as it operates for the benefit of its members and works with them to provide a safer workplace for their employees. This in turn helps keep workers’ compensation costs to a minimum. Nearly 180 members are currently participating in the program.
The Fund’s profits, which include premium dollars not used to pay administrative costs and claims, are returned back to members along with investment income. Over time, members receive their premium back in the form of a profit return. According to John Winterburn, Chairman of the Fund’s Board of Trustees, “unlike the standard insurance companies, the Fund insulates employers from dramatic premium increases and realizes substantial profit returns as a result of members having excellent loss performance. Our members have consistently done an excellent job of preventing losses and are rewarded by receiving an average 49% return on their premium.” Winterburn added, “For over 3 decades, the Fund remains the best choice for employers in keeping their workers’ compensation costs low.”
The formula for success is simple - the lower the Fund’s claim costs, the greater the profits! The Fund underwriting approach is very selective when accepting new members. The selection process helps ensure that only the best performing operators participate in the program. In order to be written into the Michigan Cleaning Fund, each new applicant is carefully reviewed and must have a proven track record of low losses, acceptable work exposures, an implemented safety program and be financially stable.
For members that have experienced claims or want to prevent potential claims from occurring, the Fund also has a dedicated staff of safety and loss control engineers that specialize in the cleaning industry and are available to help members in a variety of ways. They assist Fund members by providing safety consultations, management training, safety manuals and numerous other resources.
The goal of the Michigan Cleaning Fund’s safety and loss control specialists is to provide educational tools and services that can help members prevent potential claims and assist in the ongoing profitability of the Fund. In addition, Fund members receive semi-annual reports that reflect how they are performing and the amount of profit they are estimated to receive.
Congratulations on another exceptional year! Many sectors of the cleaning industry are eligible to participate in the Michigan Cleaning Fund, including dry cleaners, industrial linen, uniform laundries, car washes, carpet cleaners, and janitorial. If you’re not currently taking advantage of the Fund, contact Regency Group for more information.
