An insurance agent’s job is to find clients affordable workers’ compensation coverage, but what about education. Is that your job, too? No, but if you can hook your clients up with a broker that offers workers’ compensation programs, you’ll have very happy customers.
Abuse and Fraud Prevention
The first program many brokers offer is abuse and fraud prevention. Insurance fraud is a huge issue in the U.S., especially workers’ compensation fraud. The National Insurance Crime Bureau reports that
- Insurance fraud costs U.S. companies $30 billion each year
- Broken down, California, for example, sees $1 billion to $3 billion fraudulent losses annually
- Nationally, 1 percent to 2 percent of workers’ comp claims are fraudulent
That’s a lot, and it affects insurance premiums, which in turn affects your clients.
Claims that are not fraudulent are often caused by a company’s failure to comply with OSHA regulations, which is why many workers’ compensation programs focus on crucial OSHA education. A business must know what is required to remain compliant with OSHA or face the consequences.
Workplace safety goes beyond OSHA, although it is the regulatory agency tasked with ensuring all American workplaces are safe. A program focusing on safety will not only teach companies how to remain safe but also help with policies and procedures.
Workers’ compensation programs go beyond insurance. They teach employers how to avoid claims, fraudulent or otherwise, and prevent losses.