4 Dangerous Trends Facing Your Business

FOR IMMEDIATE RELEASE
Orlando, Florida, United States of America (Free-Press-Release.com) January 25, 2012 -- How have the last couple of years in business treated your company? Do you find it more difficult to raise revenue? Have your profit margins continued to be squeezed? Have you asked, are there companies actually out there that are being successful? And if so, what are they doing?

Rick Dalrymple has been a Risk Consultant for over 30 years. In his discussions these past several months, he has heard a consistent tone of real concern of companies wondering if & how people will make it during these challenging times.

As a result, IOA Risk Services contracted with a national research firm to help determine what is going on. More importantly, business owners are interested in information that will help them survive and thrive in this economy. So they commissioned a study called “The 4 Dangerous Trends Facing Your Business in 2012” to provide you with insights on what you must know if you don’t want your competitors to pass you by.

#1…You will likely see your overall insurance rates increase due to the investment climate. Insurance carriers balance their profitability from either investment income or underwriting profit. Because their investment income have been decreasing during the recession, coupled with the erosion of their underwriting profits due to adverse loss results, it’s expected that rates overall will harden (or increase), especially in the area of Workers’ Compensation.

#2 ...As you are aware, medical costs continue to increase. To validate this point, you’ve seen your Workers’ Compensation rates increase two (2) years in a row (FLA). Like many businesses, physicians have been adversely affected by the downturn in the economy. Some companies have seen doctors string out a patient’s medical care to help offset their lack of business, which costs you money.

#3…With the new rules that NCCI modified to begin in January 2013, many companies will see their experience modification factor and their subsequent Workers Comp insurance premiums increase.

#4…To add insult to injury, at a time when your profit margins are being squeezed, you have OSHA increasing their staff to enforce your safety training activities. Since 2010, OSHA staffing is up 37% and their fines are up 200%.

You may be asking yourself, “What can I do to control these issues?” Are there companies who have a handle on this, and if so, how are they keeping their competitive edge?

Let’s look at four (4) strategies that progressive companies are pursuing these days. #1… If you want to avoid seeing your insurance costs skyrocket in the near future, you’d better position yourself to look AND act “Best in Class”. When insurance underwriters price your account, they look at your past claims experience, but also, they look to see what policies and procedures you have in place to avoid future claims.

#2…Do you know what your RiskScore™ is? Similar to a credit score (where a higher credit score = lower mortgage rates), the higher your RiskScore™, the lower your insurance rates.

#3…Companies are turning to “easy to implement” Learning Management Systems (LMS) to provide quick training on a complete list of disciplines, such as OSHA and HR compliance, Safety or wellness training. If OSHA ever knocks on your door looking for your safety program and documentation, it’s all at your fingertips to share with them if you have access to a Learning Management System for your company. Because of their value, there is a cost for these types of systems, but as a client, you will qualify to receive over 200 courses at no cost to you.

#4…And lastly, smart companies recognize that claims can dramatically decrease their profitability and revenue. To combat this issue, many are going through a “4P” process review (Pre-Hire, Post-Offer, Pre-Claim, Post-Claim) which identifies and shores up missing policies and procedures needed to reduce claims and increase your operational efficiency. Statistics show that many claims can be avoided by simply improving your hiring practices.

As we’ve invested in this research, we’re sure you’ll benefit from learning more about these and other strategies we teach that will lower your cost of doing business.

Are you curious what your RiskScore is? Would you like to schedule a free “4P” workshop or process review? For more information, or to see if you qualify for Free OSHA compliance training, call Rick Dalrymple at 407-998-4108 or email him at Rick.Dalrymple@ioausa.com.
www.RichardDalrymple.com

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