This post is going to explain why you are overpaying for your workers’ compensation insurance.
Most insurance agents would never consider sharing this information with you.
There are winners and losers in the worker’s comp cost game.
Watch this or keep reading to make sure you win…
Business Insurance is confusing, time-consuming, and costly.
We fix these problems.
What Does Winning is Workers Compensation Cost Game?
Winning the worker’s compensation cost game means turning your insurance program into a competitive advantage.
Winners get right insurance coverage for the right price. This do this by:
- Maximizing their worker’s comp discounts.
- Working with an insurance advisor they can trust.
- Putting an end to surprise worker’s comp audit bills.
- Find the best worker’s comp insurance company.
- Taking control of their worker’s comp experience mod.
Depending on your company’s unique needs and situation there even more than can be done if necessary.
At Rogue Risk, we help companies win the worker’s comp cost game through our proprietary process, RogueRisk365.
How to Win the Workers Comp Cost Game
As mentioned above, at Rogue Risk, we are a different kind of insurance agency. We focus specifically on workers’ compensation insurance.
And while we do write all lines, our expertise is workers comp is we’re able to help you take to control of your insurance program.
This is where you control the premiums and can drive them lower and see drastic savings, drastic improvements, not just in what you’re paying out indirect costs as well.
There are companies that win the insurance game and there are companies that lose the insurance game. And unfortunately, far too many organizations are losing the insurance game.
There are three things that winners do different:
They Don’t Bid Out Their Insurance to Multiple Brokers Every Year
Companies that lose the insurance cost game bid out their insurance every couple of years to multiple brokers.
At face value getting quotes from different brokers seems like a good idea, unfortunately, all it does is push your rates up.
I know that sounds counterintuitive, but the idea here is, multiple brokers on an account means no one really has clear control or leverage on that account. So underwriters are not pressured to bring premiums down because all they know, all they need to be, is $1 below what you’re paying today, and you will make that switch or just stay where you are.
In either scenario, really digging in, really trying to get at the meat of a policy and bring those premiums down, is not in the underwriter’s best interest.
Find one agent who’s going to work for you and stick to that agent. If you don’t trust your agent to do that, get a new agent.
They Work With an Agent Who Understands Total Cost of Risk
Most insurance agents do not have the depth of knowledge in workers’ compensation, nor do they have the desire to work with you and your business on a level that addresses your total cost of risk.
Most insurance agents are just trying to wedge their way into your account with simple sales scripts and empty promises. These agents sell on price and hope you make the switch.
If they just do this enough times, they’ll write enough business that they’ll hit their numbers.
This process is not in your best interest, that’s what’s in their best interest.
The solution? Find an agent who will address your total cost of risk.
You need an agent that is going to look at your program and bring the premiums down based on the hard work of thinking about your business, not just bidding out to multiple carriers. The truth is, we all have access to the same carriers.
If your agent doesn’t have access to all the workers’ comp carriers in your state, they probably aren’t a worker’s comp expert, to begin with.
Work with an agent, one agent that you trust, make sure that agent is addressing your total cost of risk.
Things will get better.
Reducing Your Insurance Premiums Is Only The Beginning
Our proprietary, RogueRisk365® program puts you in a position to “Win” the insurance game.
By focusing not just on reducing insurance premiums, but Total Cost of Risk, our clients create a sustainable safety culture that cuts costs and frees up cash flow that belongs in their bank account, not with an insurance company. Here are a few of our services:
- Experience Mod Audit
- Market Analysis & Placement
- Premium Audit Review
- 24/7 HR Hotline
- Handbook & Document Building
- e-Learning Platform
- 24/7 Injury Nurse Triage Hotline
Their Insurance Agent Doesn’t Have Commission Breath
Do you understand how insurance agents are paid?
How insurance agents are paid can be a major problem for you and your business. Insurance agents get paid a commission based on where they place your business.
Rogue Risk is no different.
However, agents who are simply bidding your insurance out, are not incentivized to place your insurance with the right carrier or even the cheapest carrier, but rather whoever is just a little less expensive than what you’re paying now.
This is especially true with worker’s comp insurance because insurance carriers pay the lowest commission percentage on worker’s comp policies.
This retains your business, while maximizing their revenue from your account.
It reduces the incentive for them to dig into things like your experience mod, IRPMs, and safety programs (where true savings come from).
You could have a good experience mod. You could be below 1.00, and think at face value that that company was doing incredibly well.
It’s not that they were doing bad, but it’s not the legal minimum Experience Mod, which means there are 20 to 30 percent savings available you do some more work and build more systems and processes into their worker’s compensation program.
This is how we operate here at Rogue. Our goal is to help you win the insurance game. That is completely different than what you’ve experienced before with your insurance program.
You may not even believe half of what I’m saying, that’s okay, our clients do, they see it. But my friends, this is the experience that you should be getting, particularly out of your worker’s compensation insurance agent relationship.
All the other lines are very important and there are places that you can save in all of them, but the most drastic impact to your business, both from a direct and indirect cost standpoint comes from worker’s comp and you should be winning that game.
Workers’ compensation is what we do here at Rogue Risk.
If your current insurance professional has never addressed issues such as total cost of risk or return to work programs with you before, then I’d encourage you to reach out to us today.
- You can call or text us at 518.960.6600
- Click here to contact us via email.
I look forward to introducing you to a new way of viewing your insurance program.