Montana State Fund Lowers Rates for Policy Year 2014Last updated May 3, 2013
Montana State Fund’s (MSF) Board of Directors announced a six percent (6%) rate decrease for the coming policy year effective July 1, 2013. Since 2007 MSF has lowered average rates to Montana businesses by 34.5%.
“This rate reduction is another example of how our policyholders have invested in keeping their employees injury free,” said Laurence Hubbard, President and CEO of Montana State Fund. “Focusing on safety in the workplace and getting injured employees back to work as soon as medically appropriate helps control rising insurance costs, and the results are tangible.”
According to Hubbard, MSF’s service teams partner with our customers to build and implement strong safety and return to work programs. In addition, MSF claims professionals efficiently manage each claim by working closely with medical providers, injured employees and policyholders.
“All of these factors translate into a safer, healthier, workforce and lower premium rates for customers,” said Hubbard.
In addition, MSF board chair, Elizabeth Best added,” these efforts contributed to the MSF distribution of a $10 million dividend among our policyholders earlier this year. Our hope is that this will encourage employers to invest in additional safety measures for other stakeholder employees.”
Rates are determined by looking at the types of jobs and business classifications of policyholders, as well as individual loss history. Overall rates for customers may vary up or down depending on their industry and experience. MSF’s rate-making process is very similar to that used by private carriers, making it possible to compare rates.
Montana State Fund provides workers’ compensation coverage to over 26,000 employers in the state, making it the largest workers’ compensation insurance company in Montana.