In these times, employers’ risks and exposures are constantly expanding.

That’s why, as Michigan’s preferred workers’ compensation insurance carrier, Retailers Insurance Company is always looking for ways to extend coverages and reward policyholders for being proactive in protecting their employees.

In 2014 we were the first carrier in the nation to automatically include EFT Guard to our standard policy at no additional charge.

You wouldn’t ordinarily associate this coverage – it protects against online theft from business banking – with a workers’ compensation policy. But we determined that the standard commercial property policy wasn’t adequately protecting against this type of exposure, so we took it upon ourselves to find a solution for our policyholders.

EFT Guard is necessary because, to the surprise and shock of many business people, businesses that bank online are not protected by federal Regulation E.

That regulation is the one that obligates banks to reimburse retail banking customers for online losses. But it does not require the banks to extend the same protection for their business customers banking online.

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What happens is that cybercriminals phish for victims in an attempt to lure unsuspecting business employees into installing malware. Once downloaded, it runs unnoticed as it captures the company’s online banking credentials.

The cybercriminals then log into the business’ account to create and transmit unauthorized Electronic Fund Transfers to a different account of their own. The money is gone and the business has no recourse.

Until now. EFT Guard provides your business with protection, up to a $100,000 aggregate limit, for such an event.

Again, that’s a coverage you can find nowhere other than a Retailers Insurance workers’ compensation policy.

$2 Million Liability
With 2017 approaching, we again looked at the industry and the needs of our policyholders.
Currently, all Retailers Insurance policies provide Employers Liability Limits of $1,000,000/$1,000,000/$1,000,000 – well above the industry average. To make certain our policyholders are even better protected, we have increased our limits to $2,000,000/$2,000,000/$2,000,000, which will be reflected in your next policy renewal.

Again, Retailers Insurance increased these limits without any premium increase. In fact, our overall rates have been reduced for 2017!

Rewarding Safety
Retailers Insurance has always looked for ways to encourage and reward businesses for their commitment to the safety of their employees. For this reason, we have adopted Safe Work Place Credits that include:
• Employee-sponsored health plans
• Pre-employment medical exams
• Drug-screening programs
• Video-surveillance systems
• Light-duty return-to-work programs
• Active-safety programs
• Employee-assistance programs.

During your year-end audit, please take the time to identify your employee safety efforts and make sure they are acknowledged.

More Than Retail
Don’t let our company name be misleading. We service more than the retail industry. We offer coverage to a multitude of industries, including wholesale, service, manufacturing, agriculture and more. If you would like to connect with one of our 145 industry-leading Independent Agencies, simply call me at 586.703.1897 or fellow Senior Vice President Tom Tuggle at 517.927.6122.

On behalf of everyone at Retailers Insurance, thank you for allowing us the opportunity to protect your business and employees.

Kurt M. Dettmer is Retailers Insurance Company senior vice president, insurance sales and business development.