Identifying exposures directs us to focus our resources on delivering the best control measures. An estimated 75 percent of commercial insurance expenses are claims-driven. We look to control and reduce this percentage through pre- and post-loss control measures.
A comprehensive loss control evaluation uncovers your strengths and weaknesses. A company may have strong management leadership behind his or her initiatives but have no employee buy-in or participation. William Blount & Associates has the solutions to establish a safety committee, delivering a comprehensive employee safety education campaign to address your exposures.
There are many post-loss or cost containment strategies. A proactive and effective Return to Work program is one strategy that positively affects your bottom line: offering a bank of modified duty jobs for employees and informing the doctor there is modified work available. Also, establishing a relationship with a local occupational medicine clinic can help manage costs. Interview the staff to learn about their services and tour their facilities. Invite the physicians into your business to get a first-hand look and understanding of your operations. By providing them with the details of your operations, they can accurately evaluate reported injuries to confirm if they are work-related.
Fraudulent claim behavior can drive the cost of risk out of control. Anti-fraud tactics include educating employees on the effects of insurance fraud through payroll stuffers and worksite posters, and offering safety incentives for solid performance. Also, keeping a motor vehicle accident kit in company vehicles, along with a disposable camera, allows you to document evidence, providing stronger subrogation results.
An active loss control program and post-loss procedures are elemental to cost containment. Our agency offers comprehensive resources to employ the most appropriate strategies for your business.
Once we have identified exposures and created control measures, we can focus on the remaining exposures to transfer and/or finance. You will want to address questions such as: How much risk can I afford to assume in-house? How can William Blount & Associates assist in contractually transferring risk to a third party? Lastly, what portion of the exposures do I want to finance through an insurance policy?
Addressing these questions offers a direction as to how to approach the financing of your risk. Think about current cash flow needs. Are account receivables current? If there is a lag, how long is it, and are there resources to correct it?
Considerations involve self-insured retentions if you have a mature loss control program and the financial reserves to cover shock losses that occur. Therefore, a combination of insurance and non-insurance strategies should be considered.
Roughly 25 percent of businesses that sustain a major catastrophe are no longer in business within a year’s time. If there is an interruption in your operations, are you prepared?
We have the resource for you to develop a comprehensive business continuity plan. This involves backing up your policies and procedures. Through William Blount & Associates, we offer 24/7 Web access to your critical risk management information, employee education resources and tools to drive down your cost of regulatory compliance; all are ID- and password-enabled for your protection.
To develop the most appropriate risk management program for your organization, William Blount & Associates approaches “insurance” through a variety of insurance and non-insurance strategies, such as: