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Safety Choices Participants See Nearly 28% Retro Rating Adjustment
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- Created on Sunday, 06 February 2011 12:58
- Written by Press Room
Customers of Montana Safety Choices (MSC), the association work comp insurance and safety program of the Montana Chamber of Commerce, will soon receive checks of nearly 28% of their work comp premiums. At a time when the cost of work comp is being talked about, including the Governor’s State of the State address, this relief will be welcomed in the business community.
It’s no secret that Montana has been struggling with a staggering number of workplace injuries. In addition to having the highest average workers’ compensation rates in the nation, a recent report by the Bureau of Labor Statistics ranked Montana nationally as having the highest fatality rate in the workplace per 100,000 workers. The Montana Chamber of Commerce joined with Liberty Northwest in 2009 to offer the Montana Safety Choices group workers’ compensation program.
Liberty Northwest announced an overall retro rating adjustment of nearly 28 percent in premium adjustments and premium surcharge savings totaling nearly $280,000. This savings will be distributed to the 100+ MSC member companies participating in the July 1, 2009 to July 1, 2010 policy year. During that year, the MSC program recorded a loss ratio of just 7.5 percent, the lowest loss ratio yet for a Liberty Northwest workers’ compensation group safety program in its first year.
Created to support businesses with a commitment to safety and the well-being of their employees, the MSC program helps businesses manage workplace risks. That in turn helps control costs, reduce losses, and in a favorable performance year, earn premium back through a retrospective rating return. Participating employers work with Liberty Northwest personnel throughout the year to establish and maintain comprehensive loss prevention plans and safety training for management and employees. These employers may also qualify for a five percent premium credit for maintaining an approved drug-free workplace program during a policy period.
“Teaming-up with the Chamber to offer this group program to Montana employers is a great fit, as we share the same goals and objectives,” said Julie Burnett, president and chief executive officer, Liberty Northwest. “We can’t ignore increases in workplace injuries and fatalities as we’ve seen in Montana. With the positive results we’re seeing from Montana Safety Choices program, we’re definitely taking steps in the right direction and welcome more Chamber members.”
“Liberty Northwest has demonstrated its commitment to our great state by partnering with us to help improve workplace conditions for Montanans,” said Webb Brown, President/ CEO of the Montana Chamber of Commerce. “Happy as we are with the retro return, we’re prouder of the excellent safety success this first year.”
