Portland, OR - August 7, 2012 - Liberty Northwest, a Liberty Mutual Insurance regional company, today announced an overall retrospective rating adjustment of more than $1 million for its Liberty Northwest/Oregon Restaurant and Lodging Association workers’ compensation insurance program members.
The rating adjustment reflects the member participants’ safety performance for the policy year ending December 31, 2011, and accounts for premium adjustments, tax savings, and non-disabling medical reimbursements. The average member account savings for the policy year was 10 percent, with some participants receiving more than 20 percent by recouping funds they paid into the Oregon Medical Service Cost Reimbursement Program.
“As a result of our partnership with Liberty Northwest, Oregon Restaurant and Lodging Association (ORLA) members have been able to participate in a hospitality-focused workers’ compensation group program that produced additional savings at a time when rates are at their lowest and medical costs have been on the rise,” said Steve McCoid, ORLA President and Chief Executive Officer.
“The members’ receptiveness to working closely with Liberty Northwest’s loss prevention, claims management, and return-to-work specialists helps them maintain safe workplaces and achieve successful resolution of workers’ compensation claims,” said Denise Moore, Liberty Northwest Association Programs Director.
Liberty Northwest offers an effective workers’ compensation cost reduction strategy by providing employers with short and long-term incentives for improving safety and rewarding exemplary safety performance with significant end-of-year plan savings.
Businesses that wish to learn more about Liberty Northwest’s insurance programs should contact their Liberty Northwest independent agent or call 800-463-6381.
About Liberty Northwest
Liberty Northwest (www.libertynorthwest-ins.com) is a leading property and casualty insurer with offices throughout the Northwest. Founded in 1983, Portland-based Liberty Northwest distinguishes itself through exceptional customer service, building strong partnerships, and serving the community.
Liberty Northwest is a Liberty Mutual Insurance regional company that distributes its products and services primarily through independent agents and brokers. Liberty Mutual Insurance Group ranks 84th on the Fortune 500 list of the largest U.S. corporations based on 2011 revenues. The company has financial strength ratings of A (Excellent) from the A.M. Best Company, A2 (Good) from Moody’s Investors Service, and A- (Strong) from Standard & Poor’s.