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Getting the Most Value from Your Insurance Partners

Organizations might not be aware that there are many risk management resources available to them through their broker, carrier and state – and some are free. All you have to do is ask!

February 14, 2022

Regardless of the size of your business, the task of managing your safety program can be enormous. This is especially true when you consider the ever-growing constraints of time, resources and budgets. Did you realize that you have resources through your insurance broker and carrier to help support your safety program? And did you realize that many of those services are free?

“Not every safety professional – or those overseeing safety – sees the insurance quote or participates in service presentations made by brokers and carriers each year, so they might miss out on the plethora of resources available to them,” said Don Enke, Vice President of Risk Services at Safety National. “It is important to check with your insurance partners to see what resources they provide to help your business achieve its safety goals.”

Your Insurance Broker

  • Larger insurance brokers will employ consultants as resources to support safety and, often, claims programs. While some brokerage firms might charge a fee for access, many receive a commission for placing the insurance and have additional resources available to support those programs at no cost.
  • Some brokerage firms will conduct a comprehensive risk management review and provide feedback through recommendations and solutions.
  • Brokers can also serve as your ally, prodding carriers to ensure that they deliver on their service promises.
  • Just ask. Your broker can be your best partner in providing or finding the right solutions to support your safety and claim management goals.

Your Insurance Carrier

  • Insurance carriers favor businesses that have successful safety and claim management programs. That generally translates into fewer losses and a win-win for all parties (i.e., their profitability and your lower premiums).
  • Many offer online resources (several are free) that supplement safety and claims programs, including safety resources, access to loss runs, claim notes, ad hoc reporting, and sometimes vendor discounts. They may even offer free safety webinars.
  • Most will have risk management and claim specialists on staff that will review programs and provide recommendations and solutions. They can also provide detailed loss analysis to identify leading loss drivers – the things that keep a safety manager up at night.
  • Use your carrier as another source for safety training. While the experience level will need to be confirmed, this beats having to spend thousands of dollars when a free option is available.
  • Many carriers also have toll-free hotlines to assist as needed. Look on their websites under “services” for more information or check with your broker.
  • Consider requesting stewardship meetings (at renewal and mid-term) with the broker and carrier. The goal of these meetings is to align safety and claim goals and to review progress throughout the year.
  • Lastly, check if the carrier will offer a free OSHA mock inspection. While insurance consultants are not OSHA inspectors, it never hurts to have another set of eyes regarding regulations. If a mock inspection is not available, take a look at your state’s resources as a solution.

Your State

  • States have been offering free consultation services for years, assisting in identifying and correcting hazards to help improve safety and health programs.
  • Consultation services are available to most employers through OSHA-supported programs without citation or penalty. The consultation is like an official OSHA visit with an opening conference, walkthrough, closing conference and so on. Contact your state’s labor department or local OSHA office for more information.
  • Taking advantage of these consultation services is a way to get another set of eyes on your workplace to support your regulatory programs.

Insurance brokers and carriers want you to succeed almost as much as you do. In fact, they have a vested interest that you do. Whether it is a broker proudly representing you at the table negotiating insurance terms or a carrier banking on your losses not to exceed the premiums you are paying them, it is a win-win for all when your program is successful. Take advantage of the services your partners have to offer and remember…all you have to do is ask!