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Identifying and controlling risks is an imperative step to optimizing your company's Total Cost of Risk:
Many business owners along with agents get caught up in the sales process of insurance.
Many companies fail to understand that controlling costs, start with implementing a consultative approach - It makes sense; not only is a consultative approach
more effective, it’s also more intellectually and emotionally rewarding for the agent and business owner. Too many business owners and insurance agencies get
caught up in the competitive bidding process, for some agencies getting the lowest bid is the only solution they have to offer.
A consultative approach is synonymous with an agent’s/business owners ability to deploy distinctive capabilities that will help clients improve their business
outcomes.
Take Workers Comp for example, Workers’ compensation insurance is more complex than most agents and clients realize. All to often the
workers compensation policy with the lowest bid often becomes the program with the highest costs.
Say a business owner selected an agent and workers’ compensation policy with the lowest premium. However, upon closer examination, the following issues
came up:
1. The payroll classifications were incorrect or errors occurred during the premium audit, causing the employer to pay thousands of dollars more than
necessary
2. The experience modification was higher than it should have been, causing the employer to pay additional unnecessary costs.
The employer’s experience modification factor was above 1.00, which prohibited the company from bidding on jobs or contracts. The high experience mod
factor cost the company significant revenue opportunities
3. Injuries were mismanaged, delaying the injured employee’s recovery, or the employee never returned to work, causing the employer to spend more money
finding and training a replacement
4. The employer’s business operations expanded into exposures not covered by the policy and a claim was denied.
5. The workers’ compensation program was not coordinated with the group health program, and an injured employee, and possibly her family, lost her group
health coverage without knowing it. A subsequent denied claim created litigation against the employer.
The conditions and issues listed above are common, and all or some can occur with virtually every business client. How does getting the “lowest bid” alleviate
these unnecessary and potentially catastrophic costs to employers? Download our brochure Seven Secrets to lower your work comp premium.
Contact us to find out how you can control your workers comp and other insurance costs with a Total Cost of Risk approach and start controlling your insurance
rates, instead of them controlling you. Complete our questionnaire to see if our program and services are a fit for you...
Let us help you get ahead of the Pack!
Many companies fail to understand that controlling costs, start with implementing a consultative approach - It makes sense; not only is a consultative approach
more effective, it’s also more intellectually and emotionally rewarding for the agent and business owner. Too many business owners and insurance agencies get
caught up in the competitive bidding process, for some agencies getting the lowest bid is the only solution they have to offer.
A consultative approach is synonymous with an agent’s/business owners ability to deploy distinctive capabilities that will help clients improve their business
outcomes.
Take Workers Comp for example, Workers’ compensation insurance is more complex than most agents and clients realize. All to often the
workers compensation policy with the lowest bid often becomes the program with the highest costs.
Say a business owner selected an agent and workers’ compensation policy with the lowest premium. However, upon closer examination, the following issues
came up:
1. The payroll classifications were incorrect or errors occurred during the premium audit, causing the employer to pay thousands of dollars more than
necessary
2. The experience modification was higher than it should have been, causing the employer to pay additional unnecessary costs.
The employer’s experience modification factor was above 1.00, which prohibited the company from bidding on jobs or contracts. The high experience mod
factor cost the company significant revenue opportunities
3. Injuries were mismanaged, delaying the injured employee’s recovery, or the employee never returned to work, causing the employer to spend more money
finding and training a replacement
4. The employer’s business operations expanded into exposures not covered by the policy and a claim was denied.
5. The workers’ compensation program was not coordinated with the group health program, and an injured employee, and possibly her family, lost her group
health coverage without knowing it. A subsequent denied claim created litigation against the employer.
The conditions and issues listed above are common, and all or some can occur with virtually every business client. How does getting the “lowest bid” alleviate
these unnecessary and potentially catastrophic costs to employers? Download our brochure Seven Secrets to lower your work comp premium.
Contact us to find out how you can control your workers comp and other insurance costs with a Total Cost of Risk approach and start controlling your insurance
rates, instead of them controlling you. Complete our questionnaire to see if our program and services are a fit for you...
Let us help you get ahead of the Pack!
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