Safety Program Helps Cherriots Earn Larger SAIF DividendNov 20, 2017
Promoting a culture of safety has paid off for Cherriots with fewer workplace injuries and, recently, a check from its insurance company.
Cherriots in October received a $73,860 policy dividend from SAIF, the state-chartered workers’ compensation insurance company. The amount included a safety performance award of about $7,900.
Cherriots Safety and Loss Control Specialist Michiel Majors said the check from SAIF will be spent on the transit agency’s safety and health programs. Cherriots will use the money for purposes such as the delivery of fresh fruits to employee break rooms and purchasing Fitbits.
In September, the SAIF board of directors declared a $120 million primary dividend to eligible customers. The board also declared a $40 million safety performance dividend to be paid based on each policyholder’s safety results.
Cherriots was awarded 10.08 percent of its 2016 standard premium for safety performance. The maximum SAIF provided to its policyholders for safety performance was 11.94 percent of the standard premium.
This is the eighth year in a row that SAIF has returned a substantial dividend to its customers. It’s the second year SAIF has included a safety performance dividend.
The dividends are possible because of SAIF’s overall financial results, including investment returns and favorable trends in claim costs, according to a statement from the insurance company.