How to Access the Best Insurance Rates
Improved Employee Behaviors are the Key to Getting the Best Insurance Rates for Your Company
When it comes to accidents and incidents in the workplace, it’s not a matter of “if”, but “when”.
That’s why insurance is one of the most costly expenses. It is one of those direct costs associated with workplace incidents.
Don’t Forget the Indirect Costs
Large insurance costs don’t even take into account the indirect costs, including:
- Wages paid during an injured worker’s absence not covered by Workers’ Comp
- Employee time lost during the injury
- Overtime to other employees to cover for the injured worker
- Administrative time spent after the accident to deal with necessary paperwork
- Training costs to replace the injured worker
- Lost productivity
- Repairs or replacement of damaged equipment
What Affects Your Insurance Rates?
- Type and age of your business
- Potential risks associated with your business or industry
- Previous claims over the past 3-5 years
All this information helps underwriters determine what type of risk you are as a client, which directly impacts what type of rates and stipulations you can negotiate.
Dangers to Your Insurance Rates
Too many claims:
As you know, with Workers’ Comp, too many claims could negatively affect your experience modifier, which could increase your insurance premiums significantly.
Lawsuits:
Add to this the new danger to companies who have drivers. Plaintiff attorneys are now targeting ANY companies with commercial drivers for lawsuits after an accident, even if they are driving personal vehicles.
What is the Key to Reducing Accident Risk?
Reducing your risk of accidents and incidents will help you reduce both insurance claims and rates
Frequent and Consistent Training
Frequent and consistent training sustained over time drives desired behaviors, reducing accidents and incidents in the workplace.
Employees Completing Training
With Infinit-I Workforce Solutions’s online training management system, your employees can complete training without workflow disruptions. This means employees are less likely to put off training.
Consistent training will also reduce the chance of a visit from OSHA. Companies with too many reportable incidents are more likely to end up in an OSHA audit.
Make a real impact on workplace safety, reducing claims and helping to drive down insurance prices.
Verified Training to Drive Real Results
Our insurance partners have verified that clients who use our system consistently have less workplace accidents and less claims, making them a more insurable risk.
