Review the Powers five-point checklist to see if you’re ready!
1. Is your workers’ comp working for you, or against you?
Do you know that the typical process for buying Workers’ Compensation insurance and management of its risks is flawed and can threaten your business? Has your insurance advisor worked with you to reach your minimum MOD?
Mandatory workers’ compensation may be fully insured, self-insured or a combination of both. Powers conducts a comprehensive analysis of your workers’ comp claims and processes to identify ways to lower your MOD, which will reduce premiums and make your company more competitive. If the entire process is not managed properly, both your company and your employees are at great risk.
2. Is your company hiring and retaining the right employees?
How confident are you that your Health, Disability and Workers’ Comp exposure is contained? Does your company’s health insurance coverage reflect its wellness initiatives? Do your new hires receive a post-offer, pre-hire physical?
Health and Disability Insurance costs may be the largest share of your company’s benefits program. Powers can help develop insurance plans and wellness programs to contain these costs. To reduce workers’ comp risk and comply with ADA, we suggest a post-offer, pre-hire physical to mitigate exposures.
3. Has your insurance advisor found ways to lower the cost of risk?
Are your programs truly benefiting your business and associates? Have you had an open dialogue about risks and opportunities? Are you confident that you are optimizing your cash flow and minimizing your tax burden?
Powers will work with you to focus and identify your company’s concerns, opportunities and strengths. We ask where you are and where you want to be. Together, we develop a customized program that can add real value to your bottom line.
4. Have you developed an operations plan with your insurance advisor?
Would your company build a new facility without a critical path from your construction firm? Then why operate without a plan from your insurance advisor? Over the years, a company will most likely spend more on insurance than construction. Without a plan, how do you know your money is well-spent?
At Powers, we believe that providing insurance products isn’t enough. To assure your firm’s sustained growth, it’s imperative to create a collaborative operations plan. Our measurable program gives you a 360º view and a path to future growth.
5. How confident are you that your operation can assume more risk?
Do you have processes in place to contain risk? Is your company’s potential growth being compromised because you can’t assume adequate risk? Are you feeding your insurance company instead of your bottom line?
Whether it’s hiring new employees, building new facilities, or expanding operations, Powers works with clients to help mitigate the operational cost of existing risk. The more risk you can assume, the more money you can apply to your bottom line.
Contact Powers Insurance and Benefits to learn how much value your company can add to its bottom line: (314) 725-1414 or [email protected] or www.PowersInsurance.com.
