Restructured Workers' Compensation Program Provides First Year Savings of $350,000
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In the transportation industry, drivers’ health and wellbeing is critically important. On the job injuries create claims cost, and mean that the driver is not able to generate revenue or serve client needs. Leveraging this knowledge, we offered to conduct a comprehensive workers’ compensation coverage audit and in-depth needs analysis for the client. This assessment revealed they had no workers’ compensation deductible.
With the results of the audit and detailed analysis of the client’s historical claims, we helped the client identify loss trends so future potential losses could be reduced. We proposed an innovative approach to protect assets and help the client gain more control over their long-term total cost of risk. By restructuring their workers’ compensation program to include a higher deductible with a deductible aggregate, we could guarantee the client’s total annual cost of risk would never exceed the premium they had been paying.
The client realized savings of $350,000 the first year, while also proactively managing claims to help injured drivers to return to work as quickly as possible. This led to reduced expenses, increased cash flow and increased ability to mitigate losses.
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