How Does It Work?
In traditional workers’ comp insurance, the insurer charges you a premium and then pockets any unused portion. When you have a great year with few workplace incidents, the insurer keeps the difference.
With TEA’s plan, unused premium costs are returned to your ESOP company!
How much can TEA’s Group Captive Workers’ Comp Plan save you?
- On average, companies get back 15% - 20% of their unused premium.
- Top performing companies get back 40% – 50% of their premium.
On top of that, you get stable, long-term policy premiums with costs that typically are lower than the standard insurance marketplace.
Plus, our partner—TEA member and fellow ESOP company Fred C. Church—provides, at no extra cost, these extra resources to help you keep your employee owners safe:
- Access to three full time Risk Management Consultants.
- OSHA-compliant safety training via an on-line learning management system.
How good is this workers’ comp plan? More than 95% of customers renew each year.
Who Is Eligible?
This plan is available to all corporate and professional members of The ESOP Association.
Companies that are best suited for this program:
- Spend $100,000 or more on annual workers’ compensation premiums.
- Have a strong safety culture and an effective safety management system (as most ESOP companies do).
TEA members can join this plan at any time of the year. All plans renew on January 1, and if you join on another date you simply pay a prorated premium through the end of the year. Then you can renew your policy on January 1.
The commitment is minimal: one year—the same as other insurers.
Applying is easy! Just follow these steps:
- Email Fred C. Church.
- Their professionals will schedule a 30-minute phone call with you to do an initial cost benefit analysis.
- If the initial results are positive, you will be asked for additional data.
- Fred C. Church staffers will then perform a detailed analysis and respond to you, typically in a week or less.
ESOP Service for the ESOP Community
Our partner in this effort is TEA member and fellow ESOP company Fred C. Church—which means you get service from an organization that understands both insurance and ESOP companies.
For this plan, Fred C. Church partners with Garnet Captive Services, an independent captive manager based in Philadelphia.