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Retailers Insurance Company earns Unsurpassed rating

Retailers Insurance Company - Monday, June 04, 2018

Retailers Insurance Company earns Unsurpassed rating for best practices

Retailers Insurance Company has upped its Financial Stability Rating (FSR) from “A Prime Exceptional” to “A Prime Unsurpassed” by Demotech, Inc.

Retailers Insurance Company (RIC) reached this level due to their “unsurpassed financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves and realistic pricing,” according to Demotech, Inc.

Ninety-nine percent of insurers countrywide with the rating of Unsurpassed expect to have a positive surplus as of 18 months from the initial rating date, regardless of the severity of a general economic downtown.

Retailers Insurance Company provides cost-saving workers’ compensation insurance, credit, and dental insurance to a wide array of businesses, non-retail and retail, through a statewide network of insurance agencies.

Headquartered in Lansing, the company was launched by the Michigan Retailers Association in 1981 to help members navigate the complex world of workers’ comp. Policyholders are members of MRA, the largest state retail association in the nation and a trusted resource for more than 5,000 businesses.

RIC’s policyholders range from agriculture to manufacturing to retail and beyond. The company is known for offering unusual features:

  • $2 million employers’ liability limit, rather than the standard $500,000;
  • Automatic $100,000 in EFT Guard protection against online banking theft and cyber extortion; and
  • Automatic terrorism coverage.

Go to for more information or to find an agent.

Columbus, Ohio-based Demotech, Inc., is a financial analysis firm that specializes in evaluating the financial stability of regional/specialty insurers.

RIC held the Exceptional rating since 2006.

Do I Need Work Comp Insurance?

Retailers Insurance Company - Wednesday, December 21, 2011

In Michigan, all private employers must have work comp coverage if:

  • They regularly employ three or more workers at one time; or

  • During the preceding 52 weeks they have regularly employed at least one worker for 35 hours or more per week for 13 weeks or longer.

All public employers must have coverage.

Any other employer can voluntarily choose to buy work comp coverage. By doing so, the employer is protected against being sued in the event a worker is injured on the job.

Michigan has special provisions that apply to contractors, subcontractors and sole proprietors. Details on these provisions are available here.

So, why do I need coverage?

Work comp is an employee’s “exclusive remedy” to offset the paid and lost time of a work-related injury or illness. In exchange for prompt payment of wage-loss benefits and medical treatment, employees give up the right to sue their employers for damages.

From the employer’s perspective, work comp provides protection against the potentially ruinous cost of lengthy lawsuits filed by injured employees. Damages for such suits could reach into the millions of dollars.

In fact, even employers who may be exempt may find that voluntarily providing work comp benefits is the best way to protect workers and the business against the costs of work-related injuries.

Employers forfeit the protections of the work comp laws when they deliberately cause injury to an employee. An employer is considered to have intended an injury if the employer knew that an injury was “certain to occur and willfully disregarded that knowledge,” according to the law.

How Work Comp Protects You

Retailers Insurance Company - Wednesday, November 30, 2011

You’ve probably been told that as a Michigan employer you are required by law to carry workers’ compensation insurance. But do you know why, and how the system works to protect you and your employees?

Here are the basics, according to the state’s Michigan Business Guide to Workers’ Comp.

Work comp is an insurance system, mutually beneficial to both employees and their employers. It serves two basic purposes:

  • To provide benefits to employees who have suffered a work-related injury or illness; and
  • To protect employers from costly litigation over claims of work-related injuries and illnesses.

Michigan’s work comp program is regarded as one of the strongest in the nation. Benefits to the injured employee can include one or more of the following:

  • Appropriate medical treatment
  • Partial replacement of lost income in cases where an employee is unable to work for more than seven days (or death benefits paid to dependent survivors in the event of a fatal injury or illness); and
  • Vocational rehabilitation so the injured worker can return to gainful employment as quickly as possible.

Work comp is the oldest form of no-fault insurance. First established in Germany in 1856 and adopted soon after by England and most of Western Europe, work comp insurance was enacted in Michigan in 1912. By 1920, all but eight of the other states had passed work comp laws.

Work comp is “no fault” in the sense that benefits are paid without regard to who or what caused or contributed to an injury or illness that “arises out of, or in the course of, employment.” Before this system was established, an employer could be sued for negligence and could only defend against such lawsuits by proving that the employee was at least partially at fault, that a fellow employee contributed to the injury, or that the employee assumed the risk of potential injury by accepting the job.

That’s why we say work comp protects both you and your employees.

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Retailers Insurance Company | 603 South Washington Avenue | Lansing, MI 48933
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