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I
can’t keep up with all these workers’
compensation reforms!
Overall, what will be their impact?
We keep track of all major
workers’ compensation reforms and assist
clients in evaluating the impact that they will
have on current open claims as well as future
claims.
How
much money should I set aside for claims that
I have already incurred?
We can project your estimated
insurance liabilities on both an undiscounted
and net present value basis. We can also compare
this to the assets you have set aside to pay
these liabilities in order to determine whether
the current funds are adequate.
How
much should I budget for next year’s claims?
We can provide you with
estimates of the cost of next year’s claims.
Our estimates are on both an undiscounted and
net present value basis. We also provide a range
around our estimates so you can fund more aggressively
or conservatively depending on your judgment.
How
do our results compare with those of my peers?
We can benchmark your program
against those of your peers. We typically compare
total costs, the frequency of claims as well
as the average claim size.
How
can I determine if our loss control program
has been effective?
By tracking your total
costs and the frequency of claims over time
we can help you to evaluate cost savings from
loss control programs.
My
insurance carrier doesn’t give me adequate
credit for our loss experience. How can I get
them to listen?
We at BRS are not brokers
and do not sell insurance. However, we have
found that insurance carriers often rely on
our actuarial studies in order to better understand
the risks of our clients.
How
can I figure out if I should form a captive?
We can perform a captive
feasibility study which will help you to determine
the cash flow, tax and other implications of
forming a captive.
I
am considering a few different types of insurance
programs. How can I figure out which is best
for me?
There are many different
types of insurance programs: individual self-insurance,
group self-insurance, deductible, retrospective
rating, and guaranteed cost to name a few. Each
has many options, and they can be confusing.
We can help you to figure out the cash flow,
tax, and relative risk of each of these programs.
I
am considering increasing my self-insured retention/deductible,
but I’m concerned about the extra risk.
What should I do?
We can help you to determine
the risk associated with each self-insured retention/deductible
as well as the probability of having a loss
that exceeds that level. |
