Thursday, October 18, 2012

Our workers' comp rates are falling in 2013!

The Louisiana Restaurant Association Self Insurer’s Fund for Workers’ Compensation (LRA SIF) is pleased to announce a rate reduction in classification codes related to the hospitality industry.

The LRA SIF rate reductions were approved by the Louisiana Department of Insurance as a result of the positive claims experience of its members in those classes. The overall claims rates decreased by 4.2 percent.
Stan Harris, LRA SIF
“Most workers’ compensation providers in our state have taken rate increases, particularly in the hospitality-related business classes. Given our LRA SIF members’ commitment to workplace safety and prevention measures, these rate reductions should make our fund a more attractive option for our industry,” said Stan Harris, President/CEO of the LRA SIF.  
The rate reductions for these hospitality and retail focused classifications will take effect January 1, 2013 and include: fast food restaurants, bars, hotels, country clubs, drivers, food manufacturing and convenience stores.

“As the economy has been slow to recover, this reduction provides members of the LRA SIF with added value and potential savings,” added Harris. “The LRA SIF has over a 30-year track record of serving the industry’s workers’ comp needs with effective claims management that prepares workers to return to work sooner or works to resolve claims efficiently and can now, offer more competitive rates.”  
The benefits of having workers’ comp coverage with a self insured fund allows business owners to spread risk among all participants and positive claims outcomes can benefit all the fund’s policyholders. Through safety and annual dividends (nearly $100 million returned to date) after claims and operating expenses are met, the LRA SIF is committed to being the solution provider for restaurant and hospitality-related businesses workers comp requirements.

Workers’ compensation coverage is required by Louisiana law and applies to any enterprise in the state regardless of the number of employees. The LRA SIF offers free loss prevention and safety training that provides practical methods for performing work tasks in a manner to reduce the risk of accident or injury.  Whether you have questions on fire safety, preventing slips and falls, or any other safety concern, the LRA SIF loss prevention professionals can provide helpful information and training for your staff. 
As the LRA SIF enters its 31st year, we are expanding our program to encourage insurance brokers and agents to offer the LRA-SIF to their hospitality related clients. Since its inception in early 2011, this program has provided a new business channel for our fund and through our membership and partnership of PIA and Big I, we are working diligently to meet the specific needs of the agency community with superb service.
To learn more about how the LRA SIF can help you reduce your workers’ compensation costs and to get a quote, call Babs Schultz at (504) 454-2277 today.

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