At EHS GRADES, we collaborate with insurance companies to prevent incidents and other losses arising from occupational illnesses and injuries (the costs of which have continued to increase around the globe). Many insurance corporations now rely on the results of the EHS GRADES performance evaluation program to set rates and discounts for the workers’ compensation premiums; offering our clients affordable, competitive rates and the best discounts.
Direct costs are usually paid out by insurance companies to injured workers through compensation claims. Indirect costs which are estimated to be between 150 – 500 percent higher than the direct costs, are often transferred to the end-users and consumers through higher prices of goods and services. All of these losses could be prevented when all stakeholders work together. When incidents and losses are prevented, everyone wins.
While the employer deals with out-of-pocket expenses and other indirect costs, the economic burden of employee expenses is often transferred directly to insurance companies. Recent estimates indicate that businesses pay more than $1 billion per week for workers' compensation. In addition to damages to the reputation of an organization, loss of shareholders and customer goodwill, injury and illness costs have a major impact (sometimes permanent) on a company’s bottom line.
With rapidly increasing premium rates, it is essential for organizations to effectively allocate resources and implement loss intervention measures to reduce the risks and hazards in the workplace. Unlike other programs that are based on intuition, theoretical and qualitative analysis, the EHS GRADES loss prevention process enables our clients to continuously improve their performances. Member companies with outstanding and excellent EHS performances now enjoy some of the cheapest rates in the industry.
Meet our insurance partners who are helping us in our objective of preventing work-related incidents through the provision of world-class, performance-driven insurance and workers’ compensation coverage to businesses and organizations. To learn more about each partner, click their logo below.