CBIA Workers’ Comp Program Shares $800K Refund

Qualified policyholders in CBIA’s Workers’ Compensation Program will share an an $800,000 experience refund this year.

CBIA’s Comp Services board of directors approved the refund this month for those policyholders with loss ratios of 50% or better.

The program has distributed more than $9 million in dividends to qualifying insured members since 2015. 

Over the past five years, the program has paid back 29% of premiums to policyholders, with 32% of premium refunded in this past policy year.

“Workplace safety doesn’t happen by accident—it’s the result of daily decisions, thoughtful leadership, and a culture of care,” said CBIA president and CEO Chris DiPentima, president of CBIA Comp Services.

“Our members earn this dividend by making safety a priority every day. Safer facilities mean less claims, and this program rewards them accordingly.”

Low Loss Ratio

The CBIA Workers’ Comp Program, administered by FutureComp, meets full state coverage requirements and is available to CBIA members in certain manufacturing class codes.

The program’s loss control and claims service have resulted in a loss ratio that’s half the industry average.

Policyholders own the program, which provides on-site loss control and risk management, as well as managed care services that include a network of medical providers chosen specifically for their occupational health experience.

CBIA’s workers’ compensation program has distributed more than $9 million in dividends since 2015. 

The CBIA program also helps clients easily meet Connecticut coverage requirements.

Program highlights include:

• Potential dividends (over $9 million returned to members)
• Cost savings: competitive rates, combined with the experience refund, translate to significant savings
• Expert loss control services: benefit from specialized on-site loss control services backed by extensive experience
• Efficient claim management leads to quicker return-to-work and cost reduction
• Managed care services hold down costs and keep you informed
• Hands-on, personal service
• Network of medical providers who specialize in occupational injuries
• Monthly billing schedule eases budgeting

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For more information, contact Ryan Foyes at Future Comp (603.315.4872).