Penn National Declares 10 Percent Dividend This Year for Business Insurance Program
Chamber members that utilize the ChamberChoice business insurance program through Penn National Insurance will receive a 10% dividend delivered back to them for policies written and retained during the program’s sixth year (May 1, 2016 – April 30, 2017), as Penn National recently announced a 10% dividend for this year. Members enrolled in the program that remained chamber members and policyholders through the end of the program year should expect to receive their checks in July if they haven’t already.
Since the program’s inception in 2011, over $9 million has been returned to member businesses in dividends out of over $31.5 million in paid premiums. The average annual dividend return in the six years of the program has been 7.8%. Columbia Montour Chamber members enrolled in the program have now received over $231,000 in dividends over the last six years. This year alone, Columbia Montour Chamber members received $58,041.49 in dividends in aggregate.
“This program is not only a great benefit to our members, but has made a significant economic impact by putting dollars back into our local community and member businesses,” said Columbia Montour Chamber president Fred Gaffney.
An important aspect of this group insurance program is preventing loss and controlling claims costs. Because dividends are based on the group’s collective loss experience, a business that may have had a significant loss may still be eligible to receive a dividend.
The program is sold exclusively through local, independent agents who can offer chamber members a variety of coverages and pricing on property and casualty insurance, including business owners, commercial auto, general liability, inland marine and workers’ compensation. Dividends are paid on all of these coverages. In addition, through safety consulting, Penn National Insurance and local independent insurance agencies encourage member businesses to develop safety practices to substantially reduce or eliminate workplace injuries.
To see if this program could be a good fit for your business, contact Chamber members Associated Insurance Management at 570-275-0100 or Hutchison Insurance Agency at 570-784-5550, for a no-obligation quote.