Workers’ Compensation Solutions to Fit an Employer’s Evolving Needs
Deep thought, trend analytics, product creativity and internal and external efficiencies enable us to provide solutions for what’s next.
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Deep thought, trend analytics, product creativity and internal and external efficiencies enable us to provide solutions for what’s next.
Prescient National provides several Workers’ Compensation insurance products to fit an employer’s risk profile and appetite backed by expertise, analytics, loss control, risk management and technology. Our focus is to not only provide policyholders with coverage but to also help employers prevent injuries, control costs, get workers back on the job after proper treatment, and ultimately benefit from our services for a more profitable bottom line.
This is a traditional Workers’ Compensation plan in which the insurance company is responsible for paying compensable workplace claims from the first dollar. As time goes on, an employer may want to take on some of the risk in its Workers’ Compensation, depending on the size of the business and its loss history. Our analytics capability and trends analysis enable us to determine if it’s the right time for an employer to move from a Guaranteed Cost plan to a plan that includes a deductible.
This type of Workers’ Compensation program allows an employer to retain a portion of each loss through a small to mid-size deductible, with the insurer (us) responsible for losses in excess of the deductible. The employer experiences premium cost savings, while the insurer handles all losses and bills back costs below the deductible to the employer. Constructed well, a deductible Workers’ Compensation program can provide a meaningful reduction in an employer’s total cost of risk and in some states can positively affect the employer’s experience modification factor. Our staff along with our agency or brokerage partner will assess the effectiveness of such a program and how to best structure it.
A Large Deductible Workers’ Compensation plan means the employer is responsible for reimbursing the insurance company for claims costs up to a certain dollar amount (deductible). Prescient National is responsible for claims costs in excess of the deductible. Deductibles are based on a per-claim or per-occurrence basis. Each state has its own definition of large deductible, with some states allowing large deductibles as low as $25,000 to in excess of $1 million.
Employers are able to save significant premium expenses as they take on liability of a portion of their claims. They can significantly control the cost of those claims if they take a holistic approach to mitigating risk through superior hiring practices, consistent post-accident programs and positive involvement with the injured worker. Prescient National will help the insured implement these effective programs which will help control the employer’s losses and therefore costs. The benefits of a Large Deductible Workers’ Compensation program for employers include:
Retrospective Polices incentivize employers to keep claims costs down which can be achieved through using Prescient National’s customized claims and loss prevention services and programs. A Retrospective Policy includes an endorsement which explains how the final premium is calculated. The endorsement also defines when the final premium calculation will be done in addition to the various recalculation dates post policy. While the premium will change based on the employers claims experience, there is a minimum and maximum premium defined giving the employer stability in their final premium.
Prescient National will provide a calculation of ultimate premiums based on different factors and scenarios helping the policyholder to understand their likely ultimate cost based on their performance levels.
Developing the right program takes time and knowledge. With the right approach, we can create a program in sync with an employer’s financial and risk profile while also saving money in the long run.
And together with you, we’re creating solutions that will yield greater benefits in the long run.
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