Florida Pool Pro
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• February 2015
15
Compensation Experience Modification calculation has been amended yet
again (significantly) to further penalize employers who have claims. Next, the
loss ratio for commercial auto across the board with carriers is not profitable.
Not just with us and our program but throughout the state and even the country.
Recently one of our occasional competitors in the pool business announced
up to a 30 percent rate increase. It is something all employers must attend to
these days in order to keep costs in check.
So, basically, there are definitely steps you can take to place your company
in a position to secure the most comprehensive insurance coverages from the
best carriers at the lowest rates available in the marketplace. Is it possible?
Yes it is, in this insurance marketplace it is very possible. In fact, not only is
it achievable, but now that the economy is showing signs of improvement it
may be critical to the success and profitability of many businesses as payrolls
(and premiums).
Where to begin?
Simply put, begin by making yourself more of an attractive risk to the carriers
by 1) Reducing avoidable claims, 2) Developing a true safety culture, and 3)
Cooperating with the carriers relating to safety recommendations, audit and
claims. The insurance carriers look at all of this when evaluating you as a
client and determining rates and coverages.
If we had to choose the single most important criteria, it would be the
development and implementation of a formal safety program and working
toward the development of a true safety culture throughout your company.
This is more than just organizing a manual in a three-ring binder. It means the
development and implementation of a comprehensive safety program tailored
to your industry and to your company.
The development part is pretty simple (and IBKB would be happy to help
if you contact us). The safety program should include written rules and
procedures for employee safety, personal protection equipment, public/jobsite
safety, material handling procedures, safe driving practices, driver training,
and good maintenance/housekeeping of your premises. Employees should
