What You Can Do If Your Company Has Had Poor Loss Experience

Key Statistics

Frequent losses are costing you more than you think. According to the American Society of Safety Engineers, indirect costs may be 20 times the direct costs. Indirect costs include: accident investigation, training and compensating replacement workers, scheduling delays and lost productivity, administrative expense, low employee morale and increased absenteeism and poor customer and community relations. *

Risk and Safety Management Steps to Help Companies Turn Around Poor Loss Experience

There are steps you can take to help turn your company around after having poor loss experience. At PSA, we partner with a private firm of experienced safety professionals who apply a proven safety management system. They are adept at solving loss problems and getting safety to frontline people – one of the hardest challenges of making safety actually work in your favor. These experts have an excellent track record of achieving results and have helped troubled companies cut their losses by up to 80%. For our clients, we contribute a base amount toward the fees to engage their services.  Many clients have chosen to increase the scope, at their own expense, once they have experienced the value of the safety management services.

In the short-term, we often find that just the act of launching an organized safety approach shows insurance carriers that you are serious about loss prevention. It also has the positive effect of reducing employee risk-taking and engaging employees in their own safety. Furthermore, you should work with your insurance agent to make sure your current carrier – or potential new carriers — know of, and give you due credit for, your safety efforts. In the longer-term, your improved loss profile will really work to your advantage and will likely result in significant insurance premium savings.

If you are interested in learning more about safety systems and their impact on loss control, please contact me at fgiachini@psafinancial.com.

* source  – The American Society of Safety Engineers

About The Author

Frank Giachini

Frank Giachini oversees PSA’s Commercial insurance and risk management business unit after serving as PSA’s COO for over 10 years. He has over 40 years of experience in the Property & Casualty and financial services industries. Frank shares responsibility with the PSA team for ensuring client satisfaction and efficient operations. Prior to joining PSA, he has served in various leadership and management roles for All Risks, Ltd, a national, independently owned Excess & Surplus Lines brokerage headquartered in Maryland. He also served as Vice President for Marsh USA and Zurich Financial Services in various client support and financial management positions.