Employee Retention, Health and Safety are more critical today than ever and plan design to protect the Company and its employees at a manageable cost for both, is a challenge.
In my 35+ years of experience at a truck parts firm, we were “Self Insured” (with specific and aggregate stop loss provisions) medical in the 1990’s (approximately 100 - 150 employees) and again from 2017-2021 (approximately 275 employees ) and fully insured for the other years. Thorough analysis utilizing a knowledgeable broker is key.
On the General Insurance side it is critical you review the classifications as it relates to employees for workers comp insurance (I reviewed details of any audits). You should also look to benefit from your carrier’s free safety training offered. As to new types of policies like Cyber, Employment Practices Liability Insurance Coverage (EPLIC), you should review cost/benefit each policy year and add if appropriate
Medical Insurance Plan Design, Review and analysis
Supplemental Insurance Offerings –All can be employee paid, but it allows employees the opportunities to purchase – Additional Life Insurance, Disability, Long Term Care
General Insurance Plan Design, Review and analysis
In my 35+ years of experience at a truck parts firm, we were “Self Insured” (with specific and aggregate stop loss provisions) medical in the 1990’s (approximately 100 - 150 employees) and again from 2017-2021 (approximately 275 employees ) and fully insured for the other years. Thorough analysis utilizing a knowledgeable broker is key.
On the General Insurance side it is critical you review the classifications as it relates to employees for workers comp insurance (I reviewed details of any audits). You should also look to benefit from your carrier’s free safety training offered. As to new types of policies like Cyber, Employment Practices Liability Insurance Coverage (EPLIC), you should review cost/benefit each policy year and add if appropriate
Medical Insurance Plan Design, Review and analysis
- Medical Insurance – Consideration of Self Insurance with a Specific and Aggregate Stop Loss Limit
- Select and work with experienced brokers to analyze current census and historical claims. Potential savings earned at the firm of over 20% certain years and multi-million $ savings throughout
- Proper balance of Company costs, employee contributions, deductibles, co-pays, etc.. to control costs and attract, maintain, quality employees
- Consider supplemental coverages, like prescription (essential), dental, vision
Supplemental Insurance Offerings –All can be employee paid, but it allows employees the opportunities to purchase – Additional Life Insurance, Disability, Long Term Care
- Communication – Utilize offerings and services of broker and carrier to ensure your employees understand their policies and have easy access to an advocate and education of their policies whenever they need it
General Insurance Plan Design, Review and analysis
- Workers Compensation - Review of Employee Classification code by state by class of employee - Savings of over 10% per year on workers comp premium (over $2m savings throughout term) Analysis performed by understanding the primary and secondary roles of each employee and an understanding of each individual state’s code classification for beneficial fit. Audit review in detail each year to correct auditor error
- General Liability, Property, Auto, Umbrella – Review and understanding of the business needs and requirements to ensure no gaps and coverage, no excess coverage and deductibles to meet the Company’s risk tolerance
- Cyber, Cargo, Directors and Officers – discussion of all coverages your firm may currently not have, but should consider in today’s business environment
- Safety – Work with Brokers and Carriers to utilize their free Loss Control Services to train and educate your team
