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Choose First-Dollar

Insurance for Unemployment Risk Management

Experience risk protections with First-Dollar insurance from 501(c) Services (501)* for unemployment that serves as an alternative to State Unemployment Insurance taxes (SUTA). First-Dollar allows for customized insurance options that activate at the first dollar charged for unemployment claims.

Coverage options can range from a predetermined limit to covering all unemployment charges for the policy year. This innovative and flexible approach to unemployment insurance provides policyholders with greater reassurance, more control, and a clear budget for their coverage. If you’re looking for a better way to experience unemployment insurance, First-Dollar is the solution you’ve been searching for.

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SUTA and Unemployment

Under federal law, some employers can forgo paying State Unemployment Insurance taxes (SUTA) and only reimburse the state for any unemployment benefits of former employees. This can be a cost-effective solution for employers, especially with adequate risk management services. In fact, by opting for this approach, employers can potentially save over 20% annually compared to paying SUTA. Typically, employers with a minimum of 15 full-time employees and/or a gross annual payroll over $1 million are best suited for this option.

Additional First-Dollar Program Benefits

501 includes several services to reduce risk and minimize unemployment expenses for nonprofits. Our First-Dollar option is exclusively available to 501(c)(3), public entities, and tribally owned businesses. This program enables eligible organizations to reimburse the state for any unemployment benefits paid to former employees directly, rather than paying premiums into the state unemployment insurance system.

To help nonprofits efficiently manage their businesses, First-Dollar by 501 offers several other services:

Customization to match your risk preferences
Available Stop-Loss options
An admitted insurance program*
Dedicated unemployment claims representatives
Unlimited access to unemployment hearing representatives
Unlimited access to senior HR professionals
Re-employment tools and support for separated employees
Industry-leading background and identity services
Talent acquisition services
Up-to-date employee management training for HR staff and other supervisors

*First-Dollar insurance from 501 is not available in New York. 501 offers a Reimbursing Employer Unemployment Bond for eligible New York employers.

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