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 President/CEO |
“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.
No comments:
Post a Comment