Below is a brief description & a few key points of the Workers Compensation program we offer.
Workers Compensation is a State mandated coverage & is very costly (in most States).
Firstly, we will review your current policy for different classes and mods that can be reclassified. We have very competitive rates on all policies and can help you save on your premium.
What sets us apart, is that we invested in our a team of risk managers & customized software that help us control risk, as well as monitor and fight claims when they do arise, keeping claims payouts at a minimum. Considering that we do this in-house , we are much more efficient, responsive, and more accurate than the large carriers that can't effectively manage your claim.
Many of the A+ rated insurance companies that we deal with, such as Traveler’s, recognize this advantage, and automatically lower premium substantially, realizing that their cost of losses will be greatly reduced. In this manner, your policy and coverages can remain the same, yet your premium and outlay of money, will be much less. Furthermore, we have developed an innovative Workmen’s comp program that can literally save you hundreds of thousands of dollars as described below. For instance, if you are currently paying $500,000 ,we can probably lower the premium to $150-200,000.
When you realize that you are paying a very high premium because it is mandated by law, yet your claims are a small fraction of what you are paying in premium, it only enriches the insurance company and costs you tremendous amounts. We introduce a deductible on the policy anywhere from $150,000 – $250,000 per claim. This reduces the premium by around 60-70%. So, if someone is running at a 20% loss ratio, after paying his claims he ends up saving 40-50% of his annual premium. However, utilizing our team will assist you in not only minimizing risk, but also help you control legitimate claims and avoid any that are frivolous and unreasonable.
Everyone is familiar with Captive solutions, but this is much simpler. There are no Captive fees, licensing, or long “Tails” until money may be withdrawn. Savings are realized immediately. You keep the extra premium dollars in your account, thereby not only realizing great savings , but also vastly improving your cash flow. Plus, claims are paid on a “Paid” basis, which could be spread over many years, and is another great benefit to cash flow. We currently have over 80 of these programs in place. The oldest client has renewed for the 4th time. Please be advised that the policies are issued by A+rated companies such as Travelers etc.