Workers’ compensation claims are on the rise. In recent years, an uptick in mega claims of $10 million or more has had a significant impact on the workers’ compensation insurance industry. Many Acrisure Agency Partners serve as workers’ compensation insurance brokers for their clients and are continually analyzing the market to understand what is changing—and how an increase in claims may affect their client’s bottom lines.
Beyond implementing additional safety measures, there is one simple (and often overlooked) factor that may help to reduce workers’ compensation claims.
The Link Between Workers’ Compensation & Voluntary Benefits
Good benefits can often help ensure your employees’ overall happiness. If your team members have a strong benefits package that meets their needs, they are typically less likely to file a workers’ compensation claim. That’s because of the lower costs and time conveniences often related to pursuing voluntary claims compared to navigating the workers’ compensation system, which is generally much more complex.
In particular, voluntary benefits like accident insurance or disability insurance have been shown to reduce workers’ compensation claims because they can provide immediate medical treatment and financial compensation for injured employees.
Additionally, stressed employees can sometimes have trouble focusing, which can lead to accidents and injuries. Wellness programs through a robust voluntary benefits package have also been shown to lower workers’ compensation claims by helping to ease employee stress while also potentially increasing productivity.
How an Acrisure Agency Partner Can Help Strengthen the Connection
As your current workers’ compensation insurance broker, an Acrisure Agency Partner already knows your business and your team. They can help tailor a voluntary benefits package that can help you attract and retain talent while keeping employees healthy, happy and productive.
What’s more, our Partners know that opting into voluntary benefits can sometimes be complex to navigate. They can work with you to develop a communication plan to help clearly articulate the value these additions bring to your employees. Our Partners can also help walk your employees through their options and help them make the best selection for their unique needs.
Add voluntary benefits to help reduce costly workers’ compensation claims that may be filed down the road. Connect with an Acrisure Agency Partner today to get the process started.
Important Information:
For additional information, please visit our website at Acrisure.com. Products or services identified herein may not be available in all jurisdictions. The information and descriptions contained herein (a) are not necessarily intended to be complete descriptions of all applicable terms, conditions, and exclusions of the policies referenced, (b) are provided solely for general informational purposes, and (c) should not be viewed as a substitute for legal, regulatory, or other advice on any particular issue or for any particular reason. The advice of a professional should always be obtained before purchasing any insurance product or service, and you should not rely on the information provided herein for the prevention or mitigation of risks or as a full and complete explanation of coverage under any insurance policy. While the information contained herein has been compiled from sources believed to be reliable, no warranty, guarantee, or representation, either expressed or implied, is made as to the correctness or sufficiency of any representation contained herein.
