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Reducing insurance costs

ISSUES

This firm was a long-time client in the Iowa area. They were scheduled to open a similar facility in another state. They had contacted the worker's compensation bureau in that state and were provided with costs for attaining coverage. The amount quoted was extremely high. The company contacted OHS for assistance in obtaining cheaper rates.

SOLUTIONS

An OHS consultant worked with the state bureau to re-evaluate the quote. A 50% reduction was achieved as a result. This still left a significant cost for coverage. OHS then went to work to identify further options for reducing premium. Through utilizing a grouping method via a TPA, a further 95% reduction was realized. The bottom line savings was in excess of $80,000!