What the members say
The best testimonial to the success of the TRIFAC Fund is our high retention rate. If you contact us for a proposal, you and your agent are given a list of members. We are confident that you will recognize many familiar names in the manufacturing industry in Minnesota. In the video below, current members of Trifac share their own reasons for choosing the Trifac Fund as an alternative Workers Compensation Solution
Your agent? How to Access the Trifac Fund
You don’t lose your connection with your insurance agent.
We welcome inquiries from your chosen insurance agent. Although several members are in the Fund directly, a majority have kept their insurance agent that they have had for years. We encourage to keep your relationship with your agent, and they will appreciate learning about the Trifac alternative for their other clients.
The Application Process
Not every applicant can join the fund. All potential members are underwritten by the fund administrator. If the applicant meets the basic underwriting guidelines, the information is submitted to the full Board of Directors for their formal approval. If the Board approves the member, a quotation is released to the applicant. If the applicant accepts the pricing, the final approval for entry into the Fund is provided by the Minnesota Department of Commerce.
Although this process is more involved than purchasing Workers’ Comp through the standard market, it determines if an applicant is an underwriting fit for the Fund and provides existing members the assurance that not everyone is allowed to join the Fund.
You help in keeping prices lower
Each new prospective Fund member agrees to be committed to safety and return-to-work. The Fund’s Board of Directors has the authority to remove any member from the Fund for non-compliance.
Fund Safeguards
Group Self - Insurance programs do have joint and several liability. TRIFAC addresses this by:
- obtaining specific excess insurance to cap losses
- obtaining aggregate excess insurance to cap the total losses for any single year
- not allowing every applicant access into the Fund.
- only financially sound companies are accepted as TRIFAC members.