Dealers Working for Dealers
MADSIF’s safety training benefits are a game changer when compared to a commercial carrier. MIOSHA fines are skyrocketing, as well as inspections. We’ve saved our members thousands of dollars in fines because our Dealer Board of Trustees directs the service team to ensure full member compliance, without cost or burden. In fact, a 5% savings is rewarded for participation.
Take a look below, at an abbreviated list of what is required by MIOSHA. We have seen upwards of $10,000 charged for not having these in place. MADSIF takes the cost and burden, off its members, to not only ensure compliance but to prevent injuries.
- Fit Testing
- Forklift Training & Certification
- Evacuation Training Maps
- Hazardous Material Certification
- Safety Webinars
- Safety Warning Signs
- SDS App
It is no surprise that MADSIF’s claims volume has stayed under 25% of the collected premium year-over-year.
What is MADSIF?
Back in the early 1990s, the Michigan Auto Dealers Association (MADA) partnered with Michigan dealers to form an elite workers compensation group and called it MADSIF. The Board of Trustees, made up of dealers, has maintained its common goal of turning workers compensation into an investment. The Trustees direct the service providers to keep costs to a minimum by requiring relevant, high-level loss prevention services and aggressive claims management so that all remaining surplus can be invested and returned to the members. This structure is the opposite of a typical commercial carrier product where pricing and services are dependent on market conditions, surplus goes to shareholders and overhead costs are much higher. MADSIF’s member retention is the highest in the industry. Our 250-plus members are committed to a long-term relationship, never having to shop their workers’ compensation again.
Jen Monkiewicz, Fund Administrator,
on MADSIF Advantages
18% Loss Ratio
Industry Average 79%
25% Overhead Costs
Commercial Carrier 45%
Annual Member Retention
Surplus Returned to Members