Portland, Ore.-based Liberty Northwest announced today that a good safety record will result in a rating adjustment exceeding $3.7 million for restaurants in its Northwest/Oregon Restaurant Association workers' compensation insurance program.
The insurer, a Liberty Mutual Agency Markets regional company, said the adjustment figure for the policy year accounts for premium adjustments, tax savings and non-disabling medical reimbursements, and the average member account savings is more than 25 percent.
Steve McCoid, Oregon Restaurant Association president and chief executive officer, said “ORA members in partnership with Liberty Northwest have been able to participate in a hospitality-focused workers' compensation group program that has been so successful that participants have annually received a retrospective rating return since 1986.”
Denise Moore, LNW/ORA group program director, said, “These exceptional returns are directly tied to the participating restaurants' strong commitment to safety, and the plan results prove it.”
“These results speak to the effectiveness of loss prevention, claims management and return-to-work specialists who have the expertise and specialized resources to help employers maintain safe workplaces and achieve successful resolution of workers' compensation claims,” she commented.
Liberty Northwest said it offers a workers' comp cost reduction strategy providing employers with short- and long-term incentives for improving safety and then rewarding good safety performance with significant end-of-year plan savings.
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