Keep paying L&I premiums and get nothing in return; or... Participate in a Group Retrospective Ratings Program and get a refund on your L&I premiums every year.

In 1981 the Washington legislature approved Group Retrospective Ratings Program for associations to provide to their members. The leading Retrospective Rating program in Washington state with annual premiums exceeding $95,000,000 — three times larger than any other group is the Building Industry Association of Washington’s (BIAW) “Return on Industrial Insurance” program (R.O.I.I.). More than 30 percent of the total dollars refunded to Retro programs in the state last year came back to the BIAW R.O.I.I. program participants.

With such financial strength, refunds that are consistently above average, and the stability of 17 years of experience, it is no wonder that R.O.I.I. can produce tremendous savings to members. More than 4,400 companies are already reaping the rewards of the number one Retro program in Washington. If you’re as serious about saving money as they are, they’d like you to join them. The R.O.I.I. program has averaged 36 percent returns annually over the past 17 years.

Member companies continue to remit their quarterly premiums directly to the Washington Department of Labor and Industries during the plan year. Participation in the R.O.I.I. program neither reduces nor increases a member’s industrial insurance rates. Each R.O.I.I. plan year begins July 1 and ends June 30. One year following the close of the plan year, L&I calculates the first of two retrospective refunds. If the R.O.I.I. group’s premiums exceed its actual claims costs, L&I returns the excess premium money to the group. If claims exceed premiums, group members can be assessed additional premiums. But due to R.O.I.I.’s strict enrollment criteria and its safety and claims assistance programs, the group’s premiums have always exceeded its claims, resulting in a refund every year since the program began in 1982.

The BIAW R.O.I.I. program has professional claims specialists on staff who watchdog each injury claim and work with member companies and L&I to find account errors, return injured employees to work and close claims quickly and efficiently. This individualized claims attention helps member companies save time and money and they assist member firms in design of light duty programs for injured employees. A full-time safety professional to assist member companies in the development of safety programs and procedures that will help prevent injuries and claims is also available to participating companies.

If you want to see your workers compensation premiums become an investment, contact your association’s “Retro” staff or if your company is in or related to the construction industry contact the HBA of Kitsap County at (360) 479-5778.