REAL SAVINGS, REAL EASY, REALLY SMART!

MARYLAND NONPROFITS WORKERS COMPENSATION PROGRAM WITH IWIF

We may be able to reduce your organization’s workers compensation costs.  These are real cases of nonprofits saving money by participating in our workers compensation program with IWIF.   Most members of Maryland Nonprofits will receive a 12% discount from the premium non-members pay.

Health Care Provider Who Wasn’t a Member

The Health Care Provider was paying $22,824 in workers compensation premium to a large insurance company.   Their insurance agent went looking for a lower price and got one from IWIF.   The initial quote from IWIF was $19,073.   If the Health Care Provider became a member of Maryland Nonprofits, the premium would be discounted to $16,784.   The Health Care Provider joined Maryland Nonprofits and is saving $5,640 per year that can be used to toward additional medical supplies for the people they serve.

Savings Calculation:                              

What the organization was paying originally $22,824 less the discounted quote from IWIF of $16,784 is a workers compensation savings of $6,040.

Cost of membership dues $400

$6,040 minus $400 equals $5,640 savings to the organization.        

Nursery School Who Joined Maryland Nonprofits to Participate in the Directors and Officers Insurance Program

A Nursery School originally joined Maryland Nonprofits at the time they purchased Directors and Officers insurance.   When their workers compensation policy was up for renewal, their current insurance company quoted $4,211.   They asked their insurance agent to get a quote from IWIF.   The IWIF quote was $4,342.   Since they were already members of Maryland Nonprofits, the premium was reduced by 12% to $3,821.   The Nursery School saved $390.   This will pay for a field trip for the children in their care.

Theater Company That Has Been a Member Since 1998

The Theater Company has been a long time member of Maryland Nonprofits.   They have been purchasing their workers compensation insurance from IWIF for many years.  Their insurance agent was not aware of the Maryland Nonprofits program discount.   The Managing Director received a letter from Maryland Nonprofits describing the discount program.   They faxed a copy of the letter to the insurance agent, told her they were a member of Maryland Nonprofits, and indicated they should be receiving the program discount.  The agent renewed the policy under the Maryland Nonprofits program.  Their premium went from $9,465 to $8,329.   The organization saved $1,136 just by sending a fax to their insurance agent.

The Animal Shelter Who Wasn’t a Member

The Animal Shelter had an annual budget of approximately $1 million.   IWIF provides them with workers compensation for $40,875 a year.  Groups that deal with animals tend to have higher workers comp premiums because of the possibilities of bites, scratches, and falls.   The Animal Shelter purchases the policy directly from IWIF with no insurance agent involved.  The Animal Shelter received a letter from Maryland Nonprofits about the program and joined the Association.  Maryland Nonprofits notified IWIF that the Animal Shelter was now a member and eligible for the discount.   The Animal Shelter will save over $4,000 a year that can be used for program services.

Savings Calculation:                              

IWIF Premium of $40,875 times 12% equals an annual premium discount of $4,905.

Cost of membership dues $750

$4,905 minus $750 equals $4,155 savings to the organization.        

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