The Louisiana Restaurant Association Self Insurer’s Fund for Workers’ Compensation (LRA SIF) Board of Trustees recently declared a dividend of $2.75 million to eligible plan participants. The LRA SIF specializes in workers’ compensation for Louisiana’s hospitality industry and related businesses.
Celebrating its 37th year in 2019, and inclusive of this dividend, the LRA SIF has returned nearly $115 million to eligible members. This marks the 31st consecutive year the LRA SIF has declared a surplus in unused premium and interest income that will be returned to members.
The program also announced the Louisiana Department of Insurance has approved premium rate reductions on several key classes of coverage including full-service restaurants, fast food restaurants and grocery stores. Our members’ promotion of workplace safety and getting their injured workers treated and back to work in a timely manner is why these rates are going down.
“Our members’ commitment to providing a safe workplace for their team members paired with our Fund’s focus on personalized service and timely claims handling has resulted in this year’s dividend declaration and our rate reduction,” said Stan Harris, LRA SIF President & CEO. “Offering lower rates has an immediate positive impact on the profitability of our members, especially as they are experiencing significant increases in other aspects of their operations.”
The LRA SIF was created in 1982 to and has grown to become one of the largest providers of hospitality and retail-focused workers’ compensation in the state. 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 as of March 6, 2019. The dividend will be distributed in April 2019.
To obtain a comparison quote or to learn more about how the LRA SIF can help you reduce your workers’ compensation costs, contact your independent insurance agent or the LRA SIF directly at (504) 454-2277 or visit www.LRASIF.org.