New York Restaurants Can Stop a Money Flush!
Tom Larsen
Small Business Adviser. "Where an educated consumer is our best client" We educate to help you buy! | Landlords Insurance | High Valued Homeowners Ins. | NY Worker's Comp. Ins.| Pizzeria Insurance | Questions? Ask!
The 2 highest expense area's that any restaurant, has are payroll & worker's compensation. Interesting thing is the 2 are tied together, since worker's compensation is based on your payroll figures!
What restaurant owner's don't probably understand is the "money flush" that could be happening in the cost of worker's compensation. In New York State, the worker's compensation board has allowed "like kind" businesses to pool their experiences in work place injuries together.
These "Safety Groups" are with the New York State Insurance Fund (NYSIF) but run by a professional insurance group outside of the fund. And they manage them so well, that the upfront discount is 25% (good start) and the back end dividend has been 35% (great end!) (2014-2021 was 35% each year).
The back-end dividend is no guarantee but there is historical data available to back up the proof that one has been earned every year.
So any "Money Flush" should be coming to an end for any New York Bar, New York Tavern, New York Restaurant, New York Deli...really any food or drink establishment. No reason NOT to be in a Safety Group. (One caution, you cannot move from 1 Safety Group to another if already in one.
Don't delay cutting your costs any further, call us Today 716-684-3203 and start your worker's compensation savings too!
Tom Larsen