Company Profile
Preferred Mutual Insurance Company
Company Overview
Today, Preferred Mutual Insurance Company employs more than 260 people in their corporate offices located in New Berlin and Norwich, New York. Preferred Mutual operates in association with over 400 agents located in New York, New Jersey, Massachusetts, and New Hampshire.
Preferred Mutual has seen numerous changes in the insurance industry since their inception in 1896. They have gone from handwritten ledgers through a maze of office technologies to highly sophisticated computer systems of today’s business world. Through it all, Preferred Mutual Insurance Company has been a driving force in the competitive business of insurance and will continue to be in the future. Our goal is to provide the highest quality service and products to our policyholders and strategic business partners.
Company History
The Preferred Mutual Fire Insurance Company of Chenango County, as it was first known, was founded in 1896 by Frank E. Holmes. Holmes modeled the company after the first insurance company in the United States, “The Philadelphia Contributionship for Insurance of Houses from Loss by Fire,” founded by Ben Franklin in 1752.
As a mutual fire insurance company owned entirely by its policyholders, the company offered broader coverage at a considerably lower cost than was charged by stock insurance companies of the time, which operated for the profit of stockholders. With only a skeleton management team of just three employees, including Holmes himself, his wife, Cora, and an office clerk, Holmes introduced a new operational format by selling policies through a network of agencies.
Benefits
Preferred Mutual offers a comprehensive benefit package to all full-time employees. New employees are enrolled in accordance with plan provisions. Eligibility for many benefit plans is the first day of employment. The following is a list of the current benefit offerings available.
Health and Welfare
· Medical
· Dental
· Vision
· Pre-Tax Insurance Premiums
· Flexible Spending Accounts
· Group Life Insurance
· Short & Long Term Disability
· Employee Assistance Plan (EAP) & Lifestyle Benefits
Paid Time Off
· Preferred Annual Leave (PAL)
· Sick
· Holidays
· Bereavement
· Family Medical Leave
· Military Leave
· Personal Leave
· Jury Duty
Financial Planning
· Deferred Savings & Profit Sharing (401K) Plan
· Cash Balance Pension Plan
· New York's 529 College Savings Program
· Business Travel Insurance
· Employee Recognition Program
· Fitness Center
· Gain Share Incentive Plan
· Health/Wellness Reimbursement
· Individual Insurance Advantage Program
· Personal Cancer Indemnity Plan
· Preferred Exercise Program
· Training & Development
· Tuition Assistance
· Voluntary Short Term Disability Income Protection
· Whole Life Plan