Home Page Refer A Friend
postheader postheader postheader postheader postheader postheader

What Large Companies Do To Lower Costs That Any Company Can Do

As we continue on our journey to a better understanding of insurance, we thought it would be informative to identify some insurance and risk management “best practices” of larger companies. We believe that many of these “best practices” can, and should, be discussed with businesses of all sizes.

The good news is that these generally don’t create additional costs to the company; in fact, they usually reduce costs!

Insurance & Risk Best Practices

  • Big Companies View Their Broker/Agent As A Trusted Advisor. The best way to accomplish this is to not bid insurance, but rather select an agent based on qualifications and the best fit with the goals of the business.
  • Consider Modifying The Insurance Program With The Swings In The “Market”. For example, during a soft market you are able to lower deductibles and broaden coverage. As the market cycles up, you are able the increase deductibles to offset premium increases.
  • Develop Cyber Breach Procedures. Small to medium sized businesses have a greater chance of having a cyber-breach than they do of having a fire. Here is an excellent resource from Experian
  • Wellness Has Become A Norm. According to an article in the St. Louis Business Journal, “employee absenteeism is reduced when wellness programs are implemented”. In a study by Prudential Insurance, disability days were 20 percent lower and disability-per-capita costs were 32 percent lower, after implementing a wellness program. In addition, annual medical costs fell by 46 percent.
  • Human Resources Is Part Of The Management Team.As the workforce gets older, finding ways to attract younger employees will be important. Developing new nontraditional compensation formulas and work hour flexibility will help attract and retain top performers. Develop an employee handbook and keep it updated. Educate and train all employees.
  • Separation of Accounting Duties. A recent report issued by The Association of Certified Fraud Examiners, places the cost of employee fraud at 7% of annual revenues. Companies with less than 50 employees saw a median loss of $50,000. Separate check writing and depositing responsibilities, and have an annual audit by a qualified firm.

Our team knows you and your situation, and they have an uncanny knack for remembering client details even years later. That’s because we view each client as an individual with his or her own specific insurance needs. We value our customers and it shows every day in everything we do. Worthington Insurance specializing in competitive auto, home, contractor and business insurance.

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
   

HOME PAGE ABOUT US GET A QUOTE REFER A FRIEND CONTACT US

34 E Afton Ave | Yardley, PA 19067 | Phone: 215-493-4170

Logo
Powered by Insurance Website Builder
Facebook LinkedIn Blog Google Plus