The 2020 dividend is proving impactful, especially for Island Operating, who says the fund will help continue their company's safety program.
Island Operating has been an LWCC policyholder since 1992, being one of the first policies written by the company during its first year of operation. For nearly three decades, Island Operating has provided offshore operations for oil and gas platforms, including helicopter and transportation loop services, while also providing services for onshore wells, plants, and pipelines. Starting with just 16 employees in 1986, the company as grown significantly and now employs over 1,000 and serves an industry that supports Louisiana’s economy.
CEO Gregg Falgout says LWCC has been a great partner over the years, assisting with claims when necessary, but more than anything, helping to develop a culture of safety for his company, a culture he says wouldn’t be possible without the help of the dividend program.
“It’s been a win-win for both organizations,” he adds, reminiscing on the many times they’ve called on LWCC for assistance and the exceptional services he’s received.
In late March 2021, LWCC announced a $94 million dividend to approximately 20,000 Louisiana-owned businesses. A study completed by Dr. James A. Richardson, Alumni Professor of Economics and Public Administration at LSU, shows that over the last 18 years, LWCC has declared $1.028 billion in dividends, helping to support an estimated 16,155 jobs across the state and generating an average of $47 million in personal earnings per year. The distribution of the dividend provides money directly to policyholders, who can use the funding for any purpose, no strings attached.
Falgout shares that over the years the dividend funds helped start and fund a safety program. He states that often finances are tight, leaving little wiggle room in the budget, especially for new programs. Together, with the help of LWCC’s Safety Services Consultants, Island Operating developed ZONE Zero™, a safety initiative designed to empower every single employee to create the safest work environment in the industry.
“This year’s dividend will go to continuing our safety program,” shares Falgout. “In 2020, the dividend received helped see us through a steep downturn and overcome a tough environment. This year’s dividend will help carry the program forward with funds that the downturn may have severely crimped.”
It took some time to for the safety program to catch on with employees Falgout report. However, the company reported zero claims over the past year. As they should be, Island Operating is proud of their exceptional safety record. However, ZONE Zero™ is much more than a safety program to Falgout and his employees. To the organization, it’s a philosophy and commitment for each employee to ensure they are working “in the ZONE,” focusing on productivity without risking safety.
“We are focused on the people here,” says Falgout. “We are a family-oriented organization that takes pride in the people that work for us, and part of that is making sure that they work in a way that allows them to return to their families at the end of the day.”
Falgout and Island Operating aren’t the only ones to reap the benefits of the 2021 dividend. Here’s what other recipients are saying:
“Over time, the dividend program and payouts have given us a way to boost the way we give back to our customers in the community and surrounding areas.” – Trevor McFarlin, Mr. McCabinet
“This dividend check may be the most needed. In the past, the dividend has helped us in more ways than one, this year helping us overcome the hardships of 2020. We are truly grateful to receive these funds when we need it most.” – Melissa Reaux, Dale McAnally Inc
“The dividend program provides us additional resources to further our mission of offering opportunities to people with disabilities and other employment barriers. This year, we plan to purchase computers and re-open our job training center with the funds.” – Jodee Daroca, Goodwill Industries of Southeastern LA, Inc
“This past year, the rise in lumber prices put a big strain on the company, but the help of the dividend funds allowed us to pull through. These funds will help my company stay ahead while also helping to ensure it is run as safely as possible.” – Jerry Wiltcher, Wiltcher Construction
“I am very thankful for the service and attention given to my company by LWCC. The dividend funds will help leverage costs while also giving the company a sense of pride in achieving 7 years of Zero LTA’s.” – Richard Parvino, Pro-T
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