Transportation Successes
Strategic Comp offers a strong workers' compensation program for your transportation class customers.
We can help put your transportation accounts in the fast lane to success. In most states, our program is available for transportation risks paying over $200,000 in guaranteed cost premium with minimal exposure outside our field-based states. Certain states have higher minimums, so check with your Marketing Account Executive for more details.
Recent transportation successes include:
A shipping and logistics company has seen an 82% decrease in their loss rate* since controlling their work comp costs with Strategic Comp.
A fuel hauler operating in multiple states has the potential to save 60% with a 10% risk on the upside of their $1M guaranteed cost premium.
A multi-state trucker we wrote had no upside protection, a significant amount of stacking collateral, a debit mod and lost-time claims three times our benchmark. We were able to offer a very aggressive aggregate offering the protection they were missing at a competitive price with a much lower LOC requirement.
With a prior loss rate hovering around 15%, one insured now benefits from a 0.80% loss rate*! In just two years, this customer now averages four lost-time claims per year, compared to the 15 they previously averaged. In addition, our medical cost containment resulted in a 79% reduction of billed charges.
Prior to coming to Strategic Comp, this first-year insured's loss rate was almost 5%. Seven months into this first policy year, they have had $0 in losses, painting a clear picture that workers' comp is a controllable expense.
This insured was already a great performing operation with low losses and a very good safety program. However, due to the rates for transportation risks, they were paying a high premium for workers' comp. Our financial structure allowed them to benefit from their practices by only paying for the losses they do have, not the ones they might have.