Why Pride Risk’s Workers’ Comp Program Has an 86% Retention Rate
October 21, 2016
Pride Risk’s high retention rate speaks to the value delivered by our high-risk workers’ compensation program. Clients typically enter the program in search of short-term savings, such as a lower premium or a reduced deposit to bind coverage. However, we’re able to retain the vast majority of these accounts by demonstrating long-term cost reductions and other benefits.
The advantages of working with Pride Risk include:
- Lower upfront costs
- More predictable cash flow
- Unmatched focus on loss control
- Convenience of a committed partnership
Pride Risk Vice President Greg Craddock explains the key benefits of the high-risk workers’ comp program that appeals to clients.
Clients Come Onboard for Lower Upfront Costs…
Pride Risk is typically able to provide new clients with workers’ compensation coverage at rates that are 10-15% below what the State Fund can offer. We also offer a lower cost of entry, because we understand how important upfront savings are for clients, especially for those that are experiencing financial hardships. Typically with the State Fund, you’ll have to pay 15-20% of the premium upfront, which can cause a major cash-flow issue for accounts with larger premiums.
The high-risk workers’ comp program, powered by Pride Risk, mitigates these costs to provide a viable alternative solution for distressed accounts.
…And They Stay for Improved Cash Flow and Loss Control
Cash-flow management is much easier with our high-risk workers’ comp program because it is a true pay-as-you-go system. The upfront cost of binding workers’ comp coverage is much lower, and ongoing expenses are kept in check through carefully designed loss control and risk management measures.
Clients choose to stay with Pride Risk because of the high levels of service and convenience we provide. Unlike the State Fund, we proactively work with companies to help them prevent accidents, manage claims, and reduce their experience modifiers to decrease coverage costs.
History has proven that we’ve been able to help drive the mod down on these types of accounts. A lower mod equals lower costs, which provides savings and long-term financial stability to the client.
Learn More: Long-Term Benefits of the Pride Risk Program
Low upfront costs help make the high-risk workers’ comp program a viable option for accounts with high mods, poor claims history, or other risk factors. Our expertise in controlling workers’ comp costs is what keeps our clients satisfied year after year.
With this program, the client knows they have a trusted partner who can assist them with all aspects of loss control, from reducing hazards in the workplace to managing claims and helping injured employees safely return to work.
Want to learn more?
Continue reading about how our program can help high-risk clients control their mod and total costs.
Discover the trigger alerts of distressed clients.
Find out how to identify clients who would benefit from Pride Risk’s high-risk workers’ compensation program.