The Building Industry Association (BIA) of Clark County announced recently that more than $2 million has been given back to member businesses through its Return on Industrial Insurance program this year.
The Return on Industrial Insurance (ROII) program allows BIA members enrolled statewide the ability to recoup some of their insurance payments through financial rewards for companies who reduce the number of injuries on the job and mitigate the costs associated with them, according to a release from BIA of Clark County.
Locally, 203 businesses in the county received reimbursement checks for a total of $2.03 million, the release stated. Nearly 1,800 companies statewide are in the ROII program factoring to roughly $90 million in premium payments, with about $19 million going back to those businesses this year — in the past three years ROII enrollees had an average return of about 38 percent on their premiums.
The release stated that ROII had never experienced a financial loss in the program’s 40-year history, adding that the program had the highest claim closure rate and lowest average claim cost of all retroactive insurance programs in Washington state.
