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The Trigger Alerts of Distressed Clients

Mar 08, 2016

There are many reasons why workers’ compensation insurance can be difficult for insureds to obtain at any given time. This includes various macro-economic triggers, such as a tough investment market or catastrophic events that cause carriers to pull out of certain geographical areas. However, the most common trigger is the insured’s inability to obtain affordable workers’ comp coverage due to claims experience or being in a high-risk business segment.

This article examines the signs that a prospect or client will need a high hazard workers’ comp coverage solution — and the benefits of utilizing Pride Risk Solutions exclusive workers’ comp program.

Recognize the Warning Signs

When the cost of workers’ comp coverage puts an insured’s financial stability at risk, they have to find an alternative that will deliver hard-dollar savings—even if that means finding a new insurance agent or broker. First you need to be prepared and understand the signs of risk with distressed clients.

There are a number of very specific attributes that can indicate the need for a specialized high-hazard coverage solution, including:

  • High Experience Modifiers over 1.00
  • Cancelled
  • Non-Renewed
  • Large Losses
  • Gap in Coverage (currently not covered)
  • Accounts with few or no options other than the State Fund

Realize the State Fund Isn’t Your Only Option

When agents see any of the above qualifying factors, they may be tempted to assume that they have only two options: send the client to the State Fund or forego the business altogether. This misconception causes agents to leave money on the table for their competitors to pick up. Fortunately, today there is another option for agents and brokers who don’t like to turn down opportunities.

Embrace the Power of Pride Risk Solutions

Pride Risk Solutions connects agents and brokers to an exclusive high-hazard workers’ compensation product that offers an alternative to the State Fund for distressed accounts. With the program’s strong underwriting appetite, we can accommodate a broad range of gray-collar and blue-collar worker classifications, and provide an insurance solution designed to fit clients’ specific risk management and financial objectives.

For eligible insureds, the program offers three core value propositions:

  1. Coverage at a lower rate than the State Fund
  2. A focus on effective claims management and loss control
  3. Financial stability in the market

Carefully designed program criteria and protocols ensure that our high-hazard solution effectively safeguards the long-term interests of all parties—keeping the power of Pride Risk Solutions running sustainably year after year.

Are you ready to tap into that power by providing a solution to your prospects and clients?

Top Three Advantages of Partnering With Pride Risk

  1. Discover additional market opportunities for new and existing clients
  2. Benefit from a new profit center and competitive commissions
  3. Market a unique product in a niche with few competitors

Case Study: How Account First Leveraged a High-Hazard Worker's Comp Solution to Achieve Exponential Growth