Our unique risk management approach involves implementing loss control efforts from an overall finance standpoint, and not just compliance with codes and carrier standards. This allows us to direct resources that will significantly reduce the total cost of your risk.
The most effective way to minimize insurance and risk management costs is to implement an effective loss prevention program.
For example, if you lower your experience modification factor, you will reduce your workers’ compensation insurance costs. Additionally, if your fleet accident rate is low, you can obtain preferred rates and other discounts. Effective loss control can affect not only rating plans, but also how desirable your organization is to underwriters.
Since your insurance carrier and you both have a financial stake in your loss frequency, your insurance carrier will want to assist you in maintaining a safe operation. Accordingly, they will perform periodic surveys and inspections of your business and may make recommendations to enable you to improve your loss prevention program. To take full advantage of their services, your organization should willingly implement their recommendations and follow up periodically to evaluate the results. We can work with your insurance carrier to help implement recommended loss prevention techniques.