Thursday, June 13, 2013

Let the LRA SIF quote your workers' comp and start saving real money!

The Louisiana Restaurant Association has offered workers’ compensation to the foodservice and hospitality industries (and suppliers to the industry) for more than 30 years, through its Self Insurer’s Fund. This is a not for profit fund, owned by the members who participate and they share in the surplus of any unused premium in the form of annual dividends.

“Workers’ compensation is not optional, it’s mandatory in Louisiana. If you are operating without it, you’re exposed,” Stan Harris, President and CEO, Louisiana Restaurant Association. “One back injury could total a quarter of million dollars easily if the individuals’ injury is severe enough and if it requires surgery, rehabilitation, pain management, indemnity, etc. Do you have that kind of cash lying around?”

LRA SIF President/CEO
Stan Harris
To date, the LRA SIF has returned nearly $100 million to its members. The LRA SIF is one of the most successful programs of its type in the state due in large part to it only taking on risk aligned with the restaurant and hospitality industries. With an in house safety and loss prevention staff, the LRA SIF manages its claims in house to maintain the most cost effective and efficient system and provide local customer service.

“Just one example of the savings? The LRA SIF recently wrote a new policy which saved the business owner nearly $3,000 in annual premium costs,” said Harris. “That’s $250 a month towards his bottom line. That could be you.”

In the last two years, we have grown our portfolio significantly. We expanded our relationships with agencies and brokers, because many of our members requested that their policies be written as part of their overall risk management plan. We also have a team of sales professionals in the field working directly with restaurants to address their workers’ compensation needs.

Beginning in 2013, the LRA SIF lowered rates in seven key class codes, as the market has moved to significantly raise rates. If you call us today, you could be saving money on your premium in a matter of days. To get a quote, call the LRA SIF at (504) 454-2277.  


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