Record Breaking Return! MHI Fund Announces Over $3.3 Million Profit Return.
Record Breaking Return! MHI Fund Distributes Over $3.3 Million Back to Members.
It’s been another exceptional year for members participating in the Michigan Horticulture Industries Self-Insured Workers’ Compensation Fund (MHI Fund). This year over 600 horticulture employers will receive the largest return the Fund has ever made. The MHI Fund has been authorized by the State of Michigan Workers’ Compensation Agency to return $3,360,000 of profit back to its members. The return brings the total profits distributed to over $31 million, since the Fund’s inception in 1993.
Returns like these are no accident. The Fund Board of Trustees work hard on your behalf to ensure the members have a long-term cost effective program. The MHI Fund’s unique structure combined with its solid performance has helped reduce the members’ overall insurance cost. “Ordinarily an insurance company keeps the underwriting profits and investment income,” according to Colleen Meiring, Fund Chair. “But in the case of the MHI Fund, the members earn it and receive it, not an insurance company.”
While the Fund’s structure is important, its great performance can be attributed to consistent underwriting guidelines to insure proper selection of new members, a strong focus on workplace safety, and aggressive claims management. The Fund also has numerous safety resources and loss control programs that are specific to the horticulture 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 investigations, return-to-work programs and making every employee accountable for safety on the job.
In addition to safety, workers’ compensation claims are managed aggressively with an emphasis on getting the injured employee back to work as soon as possible. While most claims are legitimate, Fund adjusters are on the lookout for fraudulent claims and typically conduct a thorough investigation. Another method for controlling claim costs is the review conducted by the Fund Board of Trustees prior to any settlement offer. This claim settlement authority serves as another check and balance towards controlling workers’ compensation costs.
With a track record of returning an average of 46% of premium, the MHI Fund continues to outperform the competition, saving members substantial money on their workers’ compensation costs and working with members to improve upon their existing safety program.
Congratulations on another exceptional year! If you’re not currently a member, you’re missing out on the many benefits the MHI Fund has to offer. To be eligible, a horticulture business must be classified as landscapers, greenhouses, garden centers, florists, irrigation, nurseries, and sod farms. Please contact RPS-Regency for more information or mhifund.org.