Workers compensation issues are a challenge for nearly every business, but given the activities for trucking employees, the risk could be even higher. A large privately held trucking company was facing a difficult high deductible workers compensation renewal with their insurance broker of 15 years. Forty days before the renewal, the broker delivered a 15% rate increase to their workers compensation premium with no alternative options or additional discussion anticipated with the company to bind their coverage. Were there better options?
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When a large privately held transportation company was forming an “asset light” division to utilize independent contractors - instead of company drivers, they needed a comprehensive insurance coverage program to minimize their risk exposure. However, during the due diligence process of developing this new strategy, the company shared some of their challenges with additional coverage and service issues they were having with their broker of 25 years. Was there an alternative that could effectively support their new operations while addressing their client service concerns?
We all know that collateral plays a major part in negotiating an insurance program. The key is to not only focus on the collateral when you are putting the program together but to focus on the collateral requirements down the road. Consider our client’s “lessons learned” when exploring your own coverages.
For law firms, it’s all about the details, and your insurance policy should be too. Here are key aspects of how to evaluate your insurance broker from your application structure, to brokering and identifying the right policy to address your risk exposures.
Author Cline Young explains, “…risk that is often overlooked and many times left unmanaged…can leave profits and equity exposed and the very future of the company in jeopardy. This risk is a company’s ability to recruit, retain and reward its executive and management personnel.”
A productive environment for accountable care starts with a comprehensive and robust data warehouse that tracks claims data as well as financial, engagement and quality data.
Marketplace factors and economic forces are coming together to position medical homes at the center of the U.S. healthcare delivery system, creating efficiencies that help produce a healthier population and reduce expenditures to contain costs.
Healthcare reform is going to change the payor mix. It's important for providers to create an action plan to better understand who their customers will be, what these customers want and how to deliver outcomes to meet those expectations.
The annual total cost of risk can be qualified as the sum of predictable loss costs, risk transfer costs, vendor fees, taxes and administration. Do you know your total cost or how to determine it?