Workers Compensation may be the simplest forms of business insurance, but it is likely the one policy that causes more problems, headaches and frustrations for decision makers. For many firms, it is also the most expense business insurance policy they purchase.
The frustrations and headaches many business owners experience are the result of not understanding the complex nature of how workers comp relates to safety, compliance, worker attitudes, and claim outcomes. If you’re not managing all the elements in the graphic (right) you may be paying more for insurance than you need to.
Want to learn more on how The Coyle Group approaches Workers Compensation? Give us a call so we can start a conversation.
Employers frustrated by the high costs of workers compensation insurance often turn to bidding or shopping their account out to a handful of brokers every few years to make sure they’re getting the “best deal” the marketplace can offer them. But frequently are disappointed with the results. And, on top of that, the chaos typical created by the bidding/quoting process only adds more frustration and complexity for you.
The reason the bidding process fails to reduce costs sufficiently is because it is fundamentally flawed. It’s not your fault â€“ it’s the insurance industry’s fault. For too long, brokers have convinced middle market buyers that leveraging competition will result in lower costs. Unfortunately that’s simply not true and here’s why: the cost drivers embedded in your workers comp policy cannot be changed in the last 90 days of your policy period when the shopping and bidding takes place. During this quoting window your costs are almost fully “baked into” your renewal.
To create significant savings and “fix” what is broken with the workers comp system you need to take a broader and longer view of the contributing costs factors. This is why we created CompControl360.
As this graphic illustrates, workers compensation is a multi-faceted and complex system. Most insurance brokers will lead you to believe that cost reduction is a matter of finding the lowest rate, which is simply not true! To achieve significant change you need to address most all of these factors. CompControl360 was designed to provide employers with a 360 degree view of workers compensation and give you the solutions to these complex and vexing issues.
If you feel like you’re trapped in a system that works against you, you’re not alone.
Then CompControl360 is for you. To find out more, contact me: Gordon B. Coyle the creator of CompControl360 for more information on how we can help you.
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