Butte, MT (WorkersCompensation.com) –Montana’s State Fund will give money back to its safest policyholders, fund managers announced.
The state fund recently announced that it would be issuing dividend checks in the amount of about $30 million. The dividend represents about 22 percent of an average premium, according to the fund’s managers.
The Montana State Fund is the state’s largest workers’ compensation insurance provider and covers about 25,000 businesses and organizations. Since 1999, the fund has paid policyholders more than $286 million in dividends, giving back $40 million in 2017 and 2018.
Montana Gov. Steve Bullock said in a statement the dividends are attributable to companies who create safe workspaces.
Typically, Montana has a higher number of workplace incidents resulting in injury or death than most other states in the U.S. In 2016, Montana ranked as the third most dangerous state for injury and death at work, according to the US Bureau of Labor Statistics. The BLS Census of Fatal Occupational Injuries found that in that year, 7.9 workers out of every 100,000 died from workplace injuries. Only two states, Wyoming and Alaska had higher workplace fatality deaths.
Manufacturing was the industry with the highest rates according to the state’s Survey of Occupational Injuries and Illnesses, with 7 injuries for every 100 full-time workers. Construction had a fatal injury rate of 6.2 per 100 full-time workers and Transportation and Warehousing had a rate of 5.7.
California and Ohio also pay dividends on their workers’ compensation funds. In the past year, California has paid $105 million back to companies in the state, while Ohio has paid back more than $1.5 billion.