Your experience modification factor, or mod, is an important component used in calculating your workers’ compensation premium. If you can control your mod, you can lower your price — so we’ve gathered top tips to help you impact your bottom line.
Investigate accidents immediately and thoroughly; take corrective action to eliminate hazards, and be aware of fraud.
Report all claims to your carrier immediately. Alert the carrier to any serious, potentially serious or suspect claims. Frequently monitor the status of the claim, and communicate with the adjuster to resolve them as quickly as possible.
Take an aggressive approach to providing light duty to all injured employees upon their release from treatment. Supervise light duty employees to ensure their conformance with restrictions.
In serious cases that involve lost time, communicate with the claims adjuster to demonstrate your interest in returning the injured employee back to gainful employment.
Set safety performance goals for those with supervisory responsibility. Success in achieving safety goals should be used as one measure during performance appraisals.
Develop a written safety program, and train employees in their responsibilities for safety. Incorporate a disciplinary policy into the program that holds employees accountable for breaking rules or rewards them for correctly following safety procedures.
Frequently communicate with employees, both formally and informally, regarding the importance of safety.
Make safety a priority – senior management must be visible in the safety effort and must support improvement.
Evaluate accident history and near-misses at least monthly. Look for trends in experience, and take corrective action on the worst problems first.
Talk to your BHI Advisor, Account Manager, or Director of Risk Control to ensure success.
Business owners have so much on their plate these days, and many times the last thing on their mind is insurance. As a business owner, what do you think about when someone says the word “insurance”? Does it bore you? Do you roll your eyes? When was the last time you reviewed your insurance portfolio? Even the word itself has a bit of an outdated and traditional undertone. We get it, and we’re doing everything we can to change the market and our client and prospects’ antiquated outlook on “insurance.” We believe it’s one of the most important pieces to put in place for business continuity and not worthless paper stacked on a shelf that you hope you never have to use!
Let’s take this one step further as it’s not just about proper insurance coverage for your business. It’s about mitigating all types of risks that involve your employees, clients, and third parties. Insurance should be part of a much greater risk management approach that considers safety, human resources, and health and wellness practices – all important things in a successful business, and cost-savers if implemented strategically.
At BHI, we have set out to do insurance differently than your traditional broker. We aim to be more like your Insurance Consultant, rather than just your broker. We are comprised of industry specialists in Property & Casualty (P&C) insurance, benefits, human resources and safety with a common love for doing good business. We believe that having proper insurance policies and risk mitigation strategies in place is the foundation to doing good business.
Think about it like this – if we make an error or fail to include an important coverage in your portfolio, you can lose your whole business. Imagine the worst thing that can happen to your business – a fire, a cyber attack, an accident resulting in fatalities – are you covered in these scenarios? We are here to tell you from experience that these types of things DO happen, so it’s important to review your coverage regularly and choose a broker who isn’t just your broker, but a consultant to your business.
We operate by the following mission: BHI is the opposite of a traditional insurance brokerage, offering not only Commercial and Personal Insurance, but also Benefits, and Safety/Risk Control and HR Consulting.
Instead of sitting back and waiting for policies to renew, we proactively mitigate risk, share knowledge, and employ creative strategies to stay at the forefront of ever-changing client needs. We work harder and smarter than our competitors, tackling challenges with tenacious persistence and endless drive. In our industry, people accept subpar service—we’re here so they don’t have to.
ABOUT THE AUTHOR
John joined BHI in 2006 as a part-time advisor, became a partner in 2010 and President/CEO in 2016. His primary role is that of an insurance advisor, working with industry leaders to implement insurance and risk management strategies that are a best fit for each client. In addition to John’s role as an advisor, he oversees all financial and strategic initiatives for BHI. He has experience dealing with multiple insurance strategies, including guaranteed cost, loss sensitive and captive insurance programs, for organizations and businesses across most industries. John is licensed to sell insurance in 43 states and to date, has sold over $100,000,000 in Property & Casualty Insurance premiums.
Most recently, John has been honored by Delaware Business Times as one of their 40 Under 40 Leaders. DBT presents this award to “role models who are striving to make a difference in our community.” Under John’s leadership, BHI was also named a Fastest 50 award winner, signaling BHI’s growth and placement as a premier brokerage in the Mid- Atlantic region.
A lifelong Delawarean, John resides in Hockessin with his two children, Jack and Bailey.
This article is featured on Delaware Business Times – BIZINSIGHTS. For full access, click here.
Our Executive Learning Series is back! Monthly, our Human Resources department hosts an informative discussion on common Human Resources topics complete with a complimentary lunch. This is a chance to meet individuals from other companies in our community and to learn about many workplace topics. We hope to see you there!
Continuity is critical in business, and there are few things more important than continuous revenue and cash flow, particularly for small to medium-sized organizations. In fact, just one brief business interruption can be incredibly costly for an organization, often leading to serious reputational damages or long-term closures.
That’s where business interruption insurance can help. This form of coverage provides protection against a variety of common interruptions, including natural disasters, equipment damage, and vandalism. The following are some other major benefits of business interruption insurance.
In the event of a disruption, business interruption insurance provides coverage for income your business would have earned during a closure period if it had been operating normally.
Rent or Lease Payments
Even if your premises are unusable following a disaster or other event, many leases still require that you make payments. Business interruption insurance allows you to continue making rent or lease payments, even while your business is not operating.
In the event that your primary location is unusable following a disaster or other event, you will likely have to relocate in order to remain open and continue generating revenue. Business interruption insurance can cover the expenses of moving your business to a temporary location and may include both moving and rent costs.
If you are unable to operate, it is likely you will not be able to continue paying employees. Business interruption insurance can help you avoid losing staff while you’re closed by ensuring that you make payroll. This is especially important, as finding new employees is often more expensive than keeping them.
If you have an outstanding loan, you will need to continue to make payments even if your business isn’t fully operational. Business interruption insurance will ensure you never miss a payment until you are fully operational again.
Want to Learn More?
Business interruption insurance is designed to give businesses access to the assets they need when they need it most. However, these policies can be complex, and it’s important to work with your insurance broker closely when seeking coverage. To learn more contact us today.
Saving money is easy with a health savings account (HSA). You will be able to pay for your medical expenses with tax-deductible dollars and will be able to save for the future… all at the same time!
The Basics of HSAs
The cost of health care is rising, but how much you will actually spend on medical expenses varies. This means that most people have extra funds available for investing in the future, and an HSA is a great way to accomplish both. By opening an HSA, you can place money into the account to go towards qualified medical expenses. Read More
As technology becomes increasingly important for successful business operations, the value of a strong cyber liability insurance policy will only continue to grow. The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses. In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of customers, or an ill-advised post on a social media site can be read by hundreds in a matter of minutes, protecting yourself from cyber liability is just as important as some of the more traditional exposures businesses account for in their general commercial liability policies.
Our Human Resource Consultants are here to help you with your next big HR project, whether it’s an employee handbook, full HR audit, training, or assistance with a disciplinary issue, termination, hiring and onboarding, or developing new processes. Check out a list of all they do!