LP Gas, June 2017
WORKERS COMPENSATION Continued from page 40 You might first approach so called multi line carriers who also sell insurance in other categories such as property general liability and automobile However many such companies have been exiting the workers compensation market because the low interest rate environment makes it hard for them to make up any losses with profits from other lines That leaves single line carriers who specialize in workers compensation Beware though Many of these have become more selective in their clientele favoring only those employers who have a history of risk control and claims management Shopping your coverage can be a Rising health insurance costs and drug prices may drive up workers compensation premiums smart way to cut costs and your broker should be able to suggest additional channels Look into Professional Employment Organizations Moore suggests Many of them are accustomed to handling smaller accounts with higher risks They also provide other fee based services which often allows them to provide workers compensation insurance at a more economical price Finally they often are willing to take on employers that might be rejected by insurance carriers Employers who are turned down by insurance carriers are forced to use the state pools where premiums may run up to 25 percent higher than those in the private sector Service may also be less than optimal For example there may be no one who will run an ergonomic review to help you reduce injuries Keep in touch No one wants to experience the pain and cost of a workplace accident but an understanding employer can help mitigate the experience Once an accident occurs stay in close contact with the injured worker Burton says Helping workers get back into employment as quickly as possible is an excellent way to help reduce expenses that may lead to premium hikes Thats because the employee who Insurance and Safety Troubadour Singing the virtues of propane safety and pro table results for 45 years Experienced Networked Problem Solver Insurance safety management consultant and inspirational speaker Schedule a safety and insurance lesson from Jay today www com TheSafetyLeader 952 935 5350 42 LPGas June 2017 www LPGasmagazine com ISTOCK COM S C S
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