Finding the right workers’ compensation program can be a challenge. Employers in high-risk industries, or with employees in difficult markets like California, often struggle to find a cost-effective but responsive solution. As a service-oriented brokerage and risk management firm, Gunnin Insurance helps clients identify what they need from their workers’ compensation program, so they can get the most from it. In our experience, these are three of the most important features that every business should want:
- Service and support.
Workers’ comp is not like other forms of insurance. Many types of policy, like fire or flood protection, may have some initial setup requirements but largely work in the background, only becoming important in the event of a disaster. Workers’ comp, on the other hand, is a key component of the day-to-day safety and risk management protocols that govern how employees do their work.
Support is a crucial part of any good workers’ comp program. Employers need to know they can get their questions answered and that there’s someone available to help resolve claims problems. When a claim arrives is the worst time to discover that a program is missing the support component.
Insurers are in the business of making money by collecting fees and limiting claims risk. When an employer establishes a good track record—by developing a robust safety culture, investing in safety training, and proactively managing risk—the cost of workers’ comp coverage should go down. If an insurer does not provide pricing incentives to employers who do the right things, it might not be the optimal fit.
From time to time we hear stories from employers who have been left in a lurch by a workers’ comp program that doesn’t deliver on its promises when a claim arises. Reliability in an insurer is dependent on a number of things. First and foremost, the insurer needs to be financially sound. Second, it needs to have an established track record, so the employer knows it has backup. Finally, the insurer needs to have the resources to respond promptly to an emergency.
The insurer is just one part of a good workers’ comp program
Ultimately an employer needs more than a workers’ compensation policy from a reputable insurer. It also needs independent capacity to manage claims and protect its own interests, including the ability to contest decisions made by the insurer. That’s where a brokerage comes in. At Gunnin we provide comprehensive risk management service, from initial evaluations to claims advocacy, enhancing and reinforcing our clients’ workers’ comp programs as risk management and business empowerment tools. Give Gunnin a call today to tell us about your company’s workers’ comp challenges.