A Retrospective Rating Program
WorkSAFE (previously called “Retrospective Rating” or “Retro”) is a worker-safety incentive program offered by the Washington State Department of Labor & Industries (L&I). The Greater Vancouver Chamber (GVC) facilitates this program in Southwest Washington. WorkSAFE participants specifically agree to abide by safe workplace policies and practices for injured workers, such as Stay at Work (S.A.W.) and Kept on Salary (K.O.S.). In exchange, businesses can earn a partial refund on workers’ compensation premiums.
We are currently accepting manufacturing sector organizations as new members. Once your history is reviewed, our Third Party Administrator (T.P.A.) will contact you to sign the WorkSAFE participation agreement. Participating in WorkSAFE requires a commitment to improve safety and prevent injuries in the workplace.
Why Join WorkSAFE?
Any time an employee is injured, there is a cost to your company. That cost can be lost production, the need to hire and train a replacement, rescheduling work, or the loss of a project or job. Additionally, the injury can cause your workers’ compensation premium rates to increase.
With WorkSAFE, you have an opportunity to turn your good safety performance into a refund from L&I by preventing injuries and engaging in proactive claims management.
Unfortunately, accidents happen. For members of WorkSAFE, every workers’ comp Claim is managed by our experienced T.P.A. With the help of our T.P.A., our WorkSAFE program has one of the best claims closing ratios in the state. Our T.P.A. works with each participating company before accidents happen to assure they have the safest workplace possible.
How It Works
Retrospective rating is simply another way of calculating your company's Workers' Compensation insurance premium, after the fact or “retroactively.”
A WorkSafe rating period runs from July 1st through the following June 30th. Your participation can begin any calendar quarter. About nine months after a coverage period ends, L&I looks back at our WorkSAFE Group’s safety experience and calculates a retrospective premium ("retro premium") for that 12-month period. Based on the group’s experience, the retro premiums are less than the premiums paid by the group for the year, a partial refund is earned by the group. This evaluation occurs three times over a 3-year period after the coverage year ends. There are three opportunities to save!
On the other hand, based on the group’s experience, the calculated premium is higher than the amount of standard premium paid by the group, it would result in all the members having to pay an additional amount, or Assessment. There is a predetermined limit to this assessment, but it’s important that your company recognizes and understands this risk.
WorkSAFE has returned over $2.4 million in insurance premiums to GVC members in the manufacturing sector in just three years! This adds up to savings on average of nearly 30% on workers’ compensation premium costs for Southwest Washington manufacturers.
Retail and Professional Services
We are looking to activate our Retail and Professional Services WorkSAFE program! If you are a leader in these industries, please share your interest with us to be the first to know when this lucrative program kicks off.