Getting a Handle on GRIP
At first glance, the benefits of participating in GRIP may sound too good to be true. In 2021, participants received a combined $19 million in refunds on their Department of Labor & Industries (L&I) premiums. To understand how this is possible, we have to first take a step back and define what GRIP is: a Retro program.
Retro stands for Retrospective Rating. A safety incentive program offered by L&I, Retro offers employers the chance to earn a partial refund on their workers’ compensation premiums.
L&I calculates participants’ premiums retroactively, and companies with lower workplace injuries and claims costs earn refunds. Essentially, if the total Retro premium is lower than the standard premium, participants earn a partial refund of the difference.
“GRIP participants have never received a refund lower than 15%, with an average refund rate of 32.6%.”
GRIP is what’s called a local group Retro program because its participants, concentrated in the Puget Sound region, take part in the program collectively. While companies can participate in Retro on their own, Retro groups offer participants additional benefits like mitigated risk, expert claims assistance, and maximized Retro refunds.
Administered by Employer Resources Northwest (ERNwest), GRIP offers a host of other benefits as well, including safety and compliance resources, Return to Work (RTW) support, Stay at Work (SAW) assistance and reimbursement match, training, and more.
So, what’s the catch? Well, a refund isn’t guaranteed: if the group’s Retro premium is higher than the standard premium already paid, participants would owe additional funds. However, since starting in 2010, GRIP has never had a negative group refund—thanks to its ongoing underwriting process and tools to assist participants in improving safety and claims management. In fact, GRIP participants have never received a refund lower than 15%, with an average refund rate of 32.6%.
If this feels like information overload, hit play on the video below for a short, sweet summary of GRIP and its benefits. And if all the acronyms and abbreviations above didn’t scare you away, check out the FAQ page for more information. Either way, stay tuned for more in-depth and informative blog posts coming soon!