3 Questions to Ask When Leading with Workers’ Comp

I have a lot of people ask me questions about how we lead with worker’s comp and what kind of questions should they ask to drive a wedge and all of that stuff. So I thought I’d take today’s video to talk to you, give you three things that you can ask that are going to make somebody’s head spin when you want to lead with worker’s comp.

Look. It is no secret at all that at Florida Risk, we like to lead with worker’s compensation, but you need to know the questions to ask when you go in that are going to make somebody think twice about why you’re asking them. Today I’m going to give you three questions that you can ask regarding workers’ comp that really don’t have anything to do with placing workers’ comp insurance.

What Does Your Employee Health Plan Look Like?

When I go in, one of the first things that I do for a company that’s having a problem with performance is I ask them to explain their employee benefits plan to me. I want to understand what they are doing from a benefits perspective because that could have a direct impact on the worker’s compensation. For example, if a company has a deductible of $10,000 on their benefits plan, there may be a problem.  There’s a pretty good chance that on Monday morning, the beer league softball claims going to get reported, as my buddy Derek Hayden said in his video, I posted on LinkedIn earlier this week. Beer league softball claims are not worker’s comp, but, unfortunately, when we have a negative financial incentive for our employees, they become worker’s comp.

Do You Offer Disability Insurance for Your Employees

The second one that I ask is, what type of disability products do you offer your people? Everybody in life is sitting on the fence. They’re sitting on the fence that they could fall one way or the other when they have a claim. It’s up to us to help them fall on the right side of the fence. If you have a disability product, there is a very high likelihood that those claims will get funneled to that product. In fact, studies have shown that loss ratios drop by 65% when a disability product is in place for an employer. The reason being, the person who got injured, wants to get better or even if it’s somebody looking to collect a quick buck, they can get the money a lot faster on a disability product than they can through worker’s compensation. Find out what’s going on with disability.

How is Your Commercial Auto Performance?

The last one that I always ask about is auto. Tell me about your auto performance because if I go into a company that has terrible workers’ comp claims, again, there’s a very high likelihood that there are auto accidents with bodily injury involved. Auto rates are going up all over the state of Florida, and I’m sure they’re going up in other places in the country, too.

By asking about these three questions, you’re talking about things that can help improve comp performance without affecting your bottom line. If you can do those three things, you’re going to kill it in commercial insurance.

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