For businesses in high-risk industries, securing workers’ compensation coverage can feel like scaling a mountain without a map. From frequent workplace injuries to complex compliance requirements, industries like construction, transportation, and staffing often struggle with hard-to-place risks.
Fortunately, Landmark Wholesale offers tailored workers’ comp solutions for even the most challenging scenarios. Combined with the strategies below, these solutions empower agents to deliver coverage where others fail.
Challenges Facing High-Risk Industries
High-risk industries like construction, staffing, and transportation operate in environments where hazards are a daily reality. These businesses face higher injury rates, stricter compliance requirements, and unpredictable workforce changes, all of which make securing workers’ compensation coverage a daunting task. Traditional insurers often shy away from such risks, leaving companies with limited options and escalating costs. Understanding these unique challenges is the first step in crafting solutions that work.
Industry-Specific Hazards
Sectors such as construction account for a disproportionate share of workplace injuries. From 2021 to 2022, nonfatal falls, slips, and trips requiring at least one day away from work occurred at a rate of 31.5 per 10,000 full-time construction workers — well above the private industry average of 22.6. Not surprisingly, insurers identify such workplaces as high-risk environments.
Costly Claims Histories
Companies with high experience modification rates (EMRs) often face higher premiums than their peers. Frequent claims or severe losses create a cycle of high costs and limited coverage options.
Turnover and Compliance Struggles
Staffing and seasonal industries contend with constant workforce changes, complicating safety training and claims management. Navigating different state-by-state regulations adds another layer of complexity, increasing the likelihood of noncompliance penalties.
Strategies To Overcome Workers’ Compensation Challenges
Securing workers’ compensation for high-risk industries demands innovation and a strategic mindset. From implementing proactive safety measures to leveraging partnerships with professional employer organizations (PEOs), businesses can rely on practical solutions that reduce risks and control costs. Landmark Wholesale specializes in empowering agents and their clients with customized tools and programs to navigate these challenges and achieve long-term success.
Proactive Risk Management
Implementing robust safety programs can help employers minimize injuries and lower premiums. Studies suggest that businesses can save $4 to $6 for every dollar invested in workplace safety. These savings result from reduced injury rates, lower workers’ compensation costs, and enhanced productivity.
Additionally, integrating technology such as wearable safety devices can further reduce risk exposure. For example, smart helmets and GPS-enabled safety vests monitor hazardous environments, while wearable devices like fall detectors and health trackers provide real-time alerts, reducing accidents. These proactive measures enhance safety and help businesses control workers’ compensation costs.
PEO Partnerships
PEOs bundle human resources functions, payroll services, and workers’ compensation coverage. With PEOs, businesses can simplify compliance while unlocking cost-saving economies of scale.
Notably, with a PEO — as well as some administrative services organizations, or ASOs — workers’ comp premiums are generally not negatively impacted by a high experience modification rate (MOD). Instead, these premiums are often rated on a claim-by-claim basis. This approach considers claims that may have been mismanaged by an incumbent carrier or that are non-indicative of actual workplace exposure or practices. High MOD submissions may even see price breaks not available through traditional markets.
Landmark Wholesale’s PEO programs offer unmatched flexibility for businesses that want tailored solutions without sacrificing independence. Unlike traditional PEOs, Landmark Wholesale’s programs allow businesses in high-risk industries to access these benefits while maintaining control over their payroll systems and company identity.
Enhanced Claims Management
Timely, efficient claims handling reduces the financial impact of workplace injuries. Landmark’s tech-enabled claims portals provide transparency and real-time updates, ensuring faster resolutions and reduced costs.
Specialized Coverage Options
Access to alternative markets and tailored programs is essential for hard-to-place risks. Landmark’s expertise includes coverage options like large deductible plans, pay-as-you-go policies, and captives designed for challenging industries.
Why Agents Choose Landmark Wholesale
At Landmark, we don’t just provide policies — we deliver partnership, achieving impressive results for high-risk industries.
For a multi-state healthcare staffing firm, Landmark reduced premiums by 24%, improved their loss ratio to 27%, and ensured Rule 59 compliance. In the construction sector, proactive risk management decreased claim frequency by 30% and lowered premiums by 20%.
Similarly, a transportation company saw a 35% reduction in claim severity and a 15% drop in premiums thanks to tailored safety programs and return-to-work initiatives. These are just a few of the successes demonstrating Landmark’s expertise in delivering cost-effective solutions for hard-to-place risks.
Additionally, clients gain access to safety training, OSHA compliance resources, and customizable handbooks, helping them create safer workplaces. Meanwhile, submission tools like Policy Quick Connect and personalized claims advocacy simplify the process for agents and their clients.
Take the Next Step
Empower your agency to handle the toughest workers’ compensation cases. Get appointed with Landmark today or send us a submission. Together, we can turn high-risk challenges into growth opportunities.
About Landmark Wholesale
Landmark is a nationally licensed facility for tough-to-place risk with a focus on securing alternate workers’ comp solutions. From PEOs to specialty programs, we offer access to coverage solutions other wholesalers can’t. Our recent placements include complex risks in staffing, transportation, and construction sectors — demonstrating our ability to secure coverage where others fail. Partner with Landmark Wholesale to find solutions for your toughest accounts and expand your market reach.
