Our opponents want to credit our predecessors for our $1,000,000 in workers compensation savings over 4 years. They claim it’s based on the safety record of prior administrations. It’s true that traditionally workers compensations premiums are calculated on claim history. But that was clearly not the case with our savings!
Our workers compensation claim history was a DISASTER under our predecessors. When we began in 2014, we started working with a new insurance broker, and switched insurance carriers. When we switched carriers they ignored our past history for 2 years and allowed us to create our own claim history. And let’s look at that history…….we had 18 BIG claims with $475,482 in total losses in 2013/2014. In other words, we realized the savings by ignoring the history under our predecessors.
Besides saving money on our premium, our new broker offered safety training programs to town employees. As a result of this commitment to safety, we have drastically reduced our workers compensation claims. Compared to $475,482 in 2013/2014, our total losses are $7,000 in 2016/2017! We went from 18 BIG claims, now down to 4 minor claims. In fact, based on our current stellar safety record, we are now eligible for a program that provides an additional premium reduction. Although the full amount of our savings won’t be known until the end of the policy term we expect savings of $145,00.00 this year.
This is how we saved over $1,000,000 in our workers compensation premiums over the last 4 years!