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BIA gives back $4.9 million to local member companies
The Building Industry Association of Clark County (BIA) is giving back $4.9 million to 267 local construction companies enrolled in the Return on Industrial Insurance (ROII*) program, a L&I workers’ compensation rebate program (commonly referred to as a retro group). Last year, the BIA returned $3.6 million to members and is excited about the significant increase in returns this year.
“Jobsite safety is a key area of focus for our members, especially those enrolled in the ROII program. The health and well-being of their workers and subcontractors is top-of-mind every single day and because of that commitment to safety, qualifying members receive a portion back of what they pay into the state’s workers’ compensation fund,” stated Aaron Helmes, BIA’s President.
Statewide, the ROII program is set to deliver another record-breaking amount of $36 million to more than 1,800 members. The program is administered by the Building Industry Association of Washington (BIAW), which reported that participating Washington businesses earned a first adjustment refund of 43% for the 2019-20 plan year and a final adjustment for the 2018-19 plan year of 56%, which is the largest refund in program’s history. The percentage of return depends on many factors such as safety records, adherence to program policies, and more.
*The ROII program is a group insurance program offered by the Building Industry Association of Washington (BIAW), incentivizing participating companies to focus on jobsite safety to protect their employees, reduce frequency of injuries, and the severity of costs associated with workers’ compensation claims. Participating companies receive refunds when the group’s premiums exceed their losses. ROII is one of the largest retrospective rating groups in Washington and has never experienced a loss in the program’s 40-year history. The program boasts the highest claim closure rate and the lowest average claim cost of all retro programs in the state.