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Infographic: Cutting the cost of workers' compensation with Accident and Disability insurance

Employers are constantly looking for ways to cut healthcare costs and run their businesses more efficiently; and rightly so. Voluntary benefits play a large role in achieving this goal by expanding benefits packages at no additional cost to the employer while increasing employee loyalty and productivity. But, what is often overlooked is the impact voluntary benefits can have on workers' compensation. Providing voluntary benefits such as Accident insurance and Disability Income insurance can help reduce workers' compensation costs as shown in our infographic: Cutting the Cost of Workers' Compensation.

A look at the numbers

Workers' compensation costs can add up quickly for employers. With so much spent on workers' compensation, even small changes can have a big impact on a company’s bottom line. But Accident insurance and Disability Income insurance can make a difference in the costs employers pay for workers' compensation:

When offering Accident insurance:
  • 31% of companies reported cost reductions of 25% or more to their workers' compensation costs1
When offering Disability Income insurance:
  • 30% of companies reported cost reductions of 25% or more to their workers' compensation costs1
Education is key

Our infographic takes a closer look at the ways that Accident and Disability Income insurance can reduce costs for workers' compensation. For brokers, offering these products is a win-win solution; they can reduce the employer’s costs while offering employees valuable voluntary protection. 

1 “Rumor confirmed: Accident, disability insurance can reduce workers' compensation claims”. Producersweb.com. April, 2014.
 

Posted on January 11, 2018 in Accident Insurance Industry

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