Workers' Compensation Program Provides Client Three Year Savings of $1.4 Million
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The client is a leading provider of home health in their state. After an introduction by our colleague in benefits, we met with the provider to discuss its property & casualty needs. During the meeting, we discovered they had no deductible aggregate (capping deductible costs), making their financial exposure unlimited and significantly hampering their ability to budget.
We provided a comprehensive coverage audit and offered sophisticated alternatives to their insurance structure. On their workers’ compensation coverage, we included a deductible aggregate which allowed the client to better budget for costs. With the cap, the payout would be lower than what they had spent in the past, even if they experience multiple claims. Our insurance program protected all their assets, ultimately improving coverage and reducing total cost of risk.
The workers’ compensation program changes alone brought a $1.4 million savings over a three year period. The client also enhanced its coverage and significantly lowered its total cost of risk.
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