Friday, October 11, 2013

LRA SIF rates are falling once again

For the third time in four years, rate reductions take effect in January

The Louisiana Restaurant Association Self Insurer’s Fund for Workers’ Compensation (LRA SIF) is pleased to announce rate reductions on premiums for its Fund, which specializes in the hospitality industry. This marks the third time in four years that the fund has reduced its rates. The rate reductions will take effect January 1, 2014.

This is made possible by the commitment of our members who participate by maintaining low claims experiences and promoting a culture of safety in the workplace. Because of the efficient management of the Fund, no rates were increased for the upcoming year.

“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 continue to make our fund the best option for our industry,” said Stan Harris, President & CEO of the LRA SIF.

“This reduction provides members of the LRA SIF with added value and potential savings,” added Harris. “The LRA SIF has a 31-year track record of serving the industry’s workers’ comp needs with effective in-house claims management that prepares workers to return to work sooner, resolves claims efficiently and will continue to offer competitive rates.”

The benefit of placing workers’ comp coverage with a self-insured fund is it allows business owners to spread risk among all participants and creates positive claims outcomes that benefit all the fund’s policyholders.

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’s complimentary loss prevention resources can provide workplace solutions on how to improve best practices in a hospitality environment. 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 32nd year, it has expanded its program to welcome insurance brokers and agents who offer the LRA SIF to their hospitality related clients. Since its inception in early 2011, through membership and partnership with PIA and Big I, the LRA SIF is focused on meeting the specific needs of the agent with superb service and a competitive commission structure.

To learn more about how the LRA SIF can help you reduce your workers’ compensation costs and to get a quote, please contact Member Services at (504) 454-2277 today.

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