When was the last time your agent or broker asked you to consider the total cost of risk? If you are like many insurance buyers, you're hearing and thinking about this concept more than ever before.
Indeed, a new survey commissioned by Wausau Insurance found that insurance buyers see increasing value from reducing their total cost of risk across multiple lines of commercial insurance.
Eighty-one percent of commercial insurance buyers (up from 70 percent last year) said they save at least $1 in lost productivity expenses for every $1 saved by reducing workers' compensation claim expenses. Three-fourths (up from 60 percent) said they save at least $1 in lost productivity expenses (and related uncovered loss of value) for each $1 saved by reducing claim costs for general liability, property and commercial auto lines.
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