Let’s begin with some simple definitions. Subsidy-Based Insurance (SBI) is traditional insurance, insurance coverage where the carrier keeps about 35% of your premium and your business is thrown into a pool of other unknown business, often with a mixed if not problematic loss history. Your rate is determined by...

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Performance Based Insurance focuses on the long term, a comprehensive safety strategy, controlling premiums swings, paying for small losses and insuring for the unlikely severe loss. Many companies will see annual savings of 25% to 50%, while maintaining dramatically improved control over their cash flow and premiums. Simply said,...

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Bob Phelan describes successful workers’ compensation programs in terms of a three sided triangle, with a focus on rehabilitating injured workers and returning them back to work: Safety Injury Management PerformanceBased Insurance™ Last year, Phelan recommended that a regional chain of nursing home facilities depart from a traditional subsidized...

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Performance Based Insurance offers a compelling ROI for many companies, and will transform the insurance landscape in the coming decade. Safety conscious companies will typically reduce their insurance premiums 25% to 50%. The best in class performers can reduce premiums more than 50%. Let’s look at an ROI scenario...

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Can you fire an employee from your business while they are out on a Workers’ Comp claim?  Yes…but be careful and cross all your t’s and dot all your i’s before you do! You can terminate a workers’ comp claimant as long as they are not protected by any...

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In the past, we’ve discussed some of the major problems caused with Subsidy Based Insurance (traditional insurance). Here is a list of some of the major advantages of Performance Based Insurance: Little or no subsidy to others Control your insurance destiny Eliminate unpredictable premium swings You earn the financial...

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By: tripointins On: July 30, 2013 In: Business Insurance, Risk Management Comments: 0

While Mississippi claims the dubious distinction of being the “fattest state,” with a self-reported obesity rate of 34.9 percent among adults, the truth is that the obesity problem affects employers in every state. Even in Colorado, the “slimmest state,” more than one-fifth of adults are obese. Why Worry About...

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