How to Identify Clients Who Would Benefit from the High-Risk Workers’ Compensation Program
September 22, 2016
Not all workers’ compensation accounts are created equal and the characteristics of every risk are different. Some have challenges that can create unique situations, which make it difficult to obtain coverage. You probably have submissions on your desk right now for which you are having trouble finding a home.
The State Fund isn’t your only option and we have the solution. The high-risk workers’ comp program powered by Pride Risk Solutions offers a specialized alternative for this niche market.
Pride Risk Solutions Vice President Greg Craddock explains what makes a good prospect for the high-risk workers’ compensation program.
What Makes a Good Candidate for the High-Risk Program?
If you are having difficulty attaining workers’ compensation coverage for your clients, Pride Risk Solutions can help. Think of the numerous accounts that you’ve shopped around to all of your markets without finding a viable option—whether that’s due to a high experience modifier, poor claims history, or the nature of the business.
Pride Risk has the ability to evaluate submissions on a case-by-case basis—enabling us to assist companies that are unfavorable to the standard market and have experienced hardships that make affordable workers’ compensation coverage difficult to find. The high-risk program’s underwriting appetite allows us to accommodate a wide range of industries, including manufacturing, construction, transportation and warehouse operations to name a few.
We can also help secure affordable coverage for clients with large losses or high mods—even if the State Fund seems like the only option. The companies we engage with often have mods well above 1.00—we even helped a manufacturer with a mod of 6.38 that was faced with closing their doors. By reducing upfront costs and focusing on systematic loss control, the high-risk program enabled this client to stay in business and bring down their mod—resulting in substantial long-term savings.
Long-Term Benefits for You and Your Clients
When you direct a client to the high-risk workers’ comp program, you’re doing more than finding coverage for the next year—you’re enabling that company to control its future workers’ comp costs through proactive risk management and loss control.
A typical Pride Risk client is able to reduce their mod by an average of 25% to 30% after 24 months in the high-risk program resulting in lower program costs.
Interested in Learning More?
This featured case study explores how Master Broker Agent (MBA) AccountFirst—a full-service insurance agency—leveraged the high-risk workers’ comp program to:
- Achieve exponential growth by offering a unique solution for distressed accounts
- Protect and enhance revenue from existing accounts by delivering hard-dollar savings
- Earn the opportunity to maintain or acquire other lines of business with workers’ comp clients