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Northwest Florida Chambers of Commerce
Workers Compensation Insurance Program
Destin Area Chamber Press Release
Destin, FL, June 14 - To assist area small businesses with the growing cost of insurance, the Destin Area Chamber of Commerce recently partnered with other area chambers to offer a workers compensation insurance plan to our members. By combining with other chambers throughout the Northwest Florida area, we will be able to offer our members the buying power of a larger organization and a quality workers compensation insurance program.
Through their participation in this program, members will receive quicker return to work of injured employees, reduced experience modifications, and reduced claims loss. The program is through McMahon & Hadder Insurance, and the service is provided by COMP OPTIONS Insurance Company, a wholly owned subsidiary of Blue Cross Blue Shield of Florida.
The premiums of those participating in this program will be calculated on the individual payroll and claims history. The premiums and claims will be combined to determine qualification for dividends. Dividends are declared based on the overall profit of the total participating membership and will be paid as a percentage of the individual members audited premium approximately nine months after the plan expiration.
In 2003-2004, 24.4% of premiums were returned to participating members. In 2002-2003, 21.68% of premiums were returned, and in 2001-2002, 15.1% of premiums were returned.
For more information about this program, please contact the Chamber at (850) 837-6241.
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