Whether it’s through paying dividends, providing financial assistance during a crisis, or simply helping at-risk industries better protect their workers, State Fund is committed to supporting California businesses. Here are a few of the ways they have given back to their policyholders:
Grants
State Funds Board of Directors periodically approves additional funds to help support policyholders.
- Covid-19 relief funds. When California was hit by the COVID-19 pandemic in 2020, they quickly mobilized to offer more than $200 million in funds to help policyholders stay in business. The funds helped employers purchase required safety equipment that would allow businesses to stay open and keep their workers employed. Read more about the Covid-19 Relief Funds.
- Safety Equipment Grants. Currently, State Fund offers free safety equipment to policyholders who work in industries at risk for falls. To date, they have awarded more than $2.2 million to qualifying policyholders in the carpentry, sheet metal, roofing, and tree worker industries. Learn more about State Fund’s Safety Equipment Grants Program.
Credit Extensions
State Fund understands how difficult it is to do business when the unexpected happens and regularly offer extended credit to policyholders affected by natural disasters. This year alone they have extended credit to policyholders in 20 California counties affected by wildfires and heavy storms. For information on past credit extension offers, visit What’s New.
Dividends
As a not-for-profit insurance carrier, they’re focused on the interests of their policyholders, not shareholders. Due to their strong claims, underwriting and investment performance over the past five years, they’ve been able to declare nearly $500 million in dividends for qualifying policyholders over that period. Read what State Fund President and CEO Vern Steiner has to say about dividends.
Disclaimer: Under California law it is unlawful for an insurer to promise the future payment of dividends under an unexpired workers’ compensation insurance policy or to misrepresent the conditions for dividend payment. Dividends are payable only pursuant to conditions determined by the Board of Directors or other governing board of the Company following policy expiration. It is a misdemeanor for any insurer or officer or agent thereof, or any insurance broker or solicitor, to promise the payment of future workers’ compensation dividends. Past dividend performance is no guarantee of an insurer’s future dividend performance. Forfeiture of a right to, reduction in the amount of, or delay in the payment of a policyholder’s dividend due to policyholder’s failure to accept renewal of the policy or subsequent policies issued by the same insurer is illegal and constitutes an unfair practice.
Have questions about doing business with State Fund? Please contact Amwins’ Access State Fund, your official State Fund Access Partner at 888-693-7892.
Thank you,
Your Amwins’ Access State Fund Team
