Meet your LRA SIF Safety Dividend Criteria before the close of 2013

The LRA SIF for Workers’ Compensation has five criteria for plan participants to meet in order to be eligible for the safety dividend and receive up to an additional five percent of their premium returned as a dividend. One of the five is to attend at least one safety seminar or webcast annually.

It’s not too late to attend this year’s LRA SIF seminar, “Workers’ Compensation Claims Management.” The seminar reveals strategies to use before, during and after a workers’ compensation claim to reduce negative effects on your business and control claims costs.

Three dates remain to attend in person—Nov. 13, 9-10:30 a.m. at Café Vermillionville in Lafayette; Nov. 14, 9-10:30 a.m. at Acme Oyster House in Baton Rouge; and Dec. 5, 9-10:30 a.m. at Jefferson Orleans-North in Metairie. Click here for more details. As an added convenience, this year the LRA SIF began offering “On-Demand Webcasts” to assist plan participants whose schedules may not permit attending in person.

The remaining four Safety Dividend Criteria are:

·         Complete the fund year with a loss ratio below 50 percent

·         Provide a written copy of your working safety program to the Loss Prevention Dept.

·         100 percent compliance with the Second Injury Board Knowledge Questionnaire. A Louisiana Office of Workers’ Compensation post-offer medical history questionnaire must be completed and on file for ALL employees.

·         100 percent compliance with Post-Accident Drug and Alcohol Testing. ALL employees must sign a post-accident drug and alcohol testing policy and if injured while on the job, must be required to submit to a drug and alcohol test.

Want to knowmore about the LRA SIF for workers’ compensation or need a comparison quote? Read about the LRA SIF rate reductions here or to request a quote, email lrasifquote@lra.org.   

ICYMI: LRA SIF lowers workers’ comp rates AGAIN

For the third time in four years, the Louisiana Restaurant Association Self Insurer’s Fund for workers’ compensation is lowering its rates! If you’re a restaurant, hospitality-related business or a supplier to the industry, the LRA SIF can quote your workers’ comp.

Just last week, we saved a restaurant owner more than $2,000 on his premium costs. Wouldn’t you at least let the LRA SIF give you a comparison quote?  

You may be wondering how this is possible, especially when many providers in our state have taken rate increases? The commitment of our members who focus on reducing claims cost and promoting a culture of safety in the workplace helped to produce this result.

This reduction provides members of the LRA SIF with added value and potential for savings. 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.

By the way, workers’ compensation coverage is required in Louisiana 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.

Spend a few minutes gathering this information to speed up the quote process: class codes, payroll amount, MOD and your loss runs.

What are you waiting for? Pick up the phone now to learn how the LRA SIF can help you reduce your workers’ compensation costs and to get a quote. Call the LRA Member Services at (504) 454-2277 today!

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 32^nd 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.

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.  

 



 

LRA SIF Members to receive $2.7 million in dividends next year

It's workers' compensation coverage renewal time for many restaurant and business owners and the Louisiana Restaurant Association's Self Insurer's Fund for Workers' Compensation (LRA SIF) should definitely be on your list to quote your coverage.

Here's another great reason too. The Board of Trustees for the LRA SIF, during their final board meeting of 2012, voted to return a dividend to eligible members in the amount of $2.7 million to members.

The LRA SIF will have cumulatively returned approximately $99.2 million in surplus dividends and safety dividends to eligible members, having returned all premium not spent on claims or administrative expenses to members since 1988.

For the 25^th consecutive year, there is a surplus in unused premium and interest income that can be returned to members. This surplus will be returned to eligible participants from the fund years 2010, 2009, 2008 and 2007 in April 2013.

“In the past two years, most of our workers’ compensation competitors have been implementing significant price increases,” said Stan Harris, President/CEO for the LRA. “In this time of rising claims expense, our recently announced rate decreases are a testament to the great safety practices and lower accident rates of our members. It is because of this that we are able to continue to return a surplus dividend to our SIF participants. Our SIF requires membership in the Louisiana Restaurant Association and we welcome more than 40 independent insurance agents who have joined our program and are utilizing it for the workers’ comp needs for their hospitality clients.”

For 31 years, the LRA SIF has established itself as one of the most secure and respected providers of workers’ compensation insurance in Louisiana. The fund’s continued and consistent commitment to servicing its membership on the highest level will help ensure its future.

To be eligible for a dividend, the member must be in good standing with the LRA and the LRA SIF and have a loss ratio that is equal to or less than 70 percent for the years declared as of March 4, 2013.

The LRA SIF is committed to responsibly operating a fund with its members’ fiscal health as a priority. In October 2012, the LRA SIF announced a rate reduction in the seven most impactful classification codes related to the hospitality industry, effective January 1, 2013. Those codes include: quickservice restaurants, bars, hotels, country clubs, drivers, food manufacturing and convenience stores. A similar rate reduction was also implemented in 2011.

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.

The Louisiana Restaurant Association is one of the largest business organizations in the state, representing restaurant operations and related businesses. The restaurant industry in Louisiana is one the state’s largest private employer, providing jobs to nearly 200,000 residents. Restaurants in Louisiana are expected to generate sales of $6.5 billion in 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
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 31^st 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.