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LWCC gives $94M in returns to policyholders

LWCC helps schools, businesses struggling because of the pandemic.
LWCC helps schools, businesses struggling because of the pandemic.(Source: WAFB)
Published: Apr. 1, 2021 at 7:40 PM CDT
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BATON ROUGE, La. (WAFB) - After a long year filled with several natural disasters and, of course, a pandemic, Louisiana businesses have faced unprecedented struggles with their finances.

That’s where the Louisiana Workers Compensation Corporation (LWCC) is looking to make a difference.

“What our company does is provide workers compensation insurance for Louisiana businesses to protect their workers,” said LWCC CEO Kristin Wall.

LWCC is planning to return $94 million to its 20,000 policyholders, which would have a big impact on roughly 162,000 Louisiana workers.

“I’ll hear small businesses who literally say, ‘Now, I can finally make payroll,’” Wall added.

But it’s not just small businesses that are policyholders with the LWCC. Several school systems are partners with them well.

About 10 school districts are partners with LWCC. One of those, for example, is the West Baton Rouge School District, which has been with LWCC for more than 20 years and is expected to have $100,000 returned.

“We probably pay around $250,000 or so in workers comp,” said West Baton Rouge Superintendent Wes Watts. “So, you’re talking about getting close to half if not half of that premium back.”

But the money coming from LWCC is not to be confused with the colossal amount of money schools will receive from the federal government in their COVID relief package. Watts said there’s a difference.

“The difference in these dollars for us and then the stimulus dollars coming from the government is the restrictions. The dollars coming from the federal government can only be used for certain things but this money goes back into our general fund, which gives us more flexibility,” Watts explained.

That flexibility could be a gamechanger for the bus drivers, custodians and the rest of the staff. It could also be used to improve the safety measures taken when it comes to the infrastructure of the schools’ facilities.

Partners with the LWCC can expect to see their checks as early as April 30.

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