In a recent post we discussed workers’ compensation claims: what work comp insurance covers, how claims work, and some other key considerations. Work comp is a mandatory insurance for most businesses and can often be a huge line item on a company’s income statement.
Through Marketplace, Avetta seeks to provide real value to the supplier network and with a recent partnership with Insurate, an insurance broker, suppliers are saving an average of 48% on their work comp insurance.
What is the Avetta Marketplace?
The Avetta Marketplace is a marketplace with negotiated preferred rates for Avetta members. Through strategic partnerships, Avetta has worked to provide real value to suppliers in the network with money savings in three main categories: safety products, safety-related services, and insurance.
One of Avetta’s newest partnerships is with Insurate, an insurance broker that works exclusively in work comp insurance. Insurate has identified keys to save Avetta suppliers on their work comp premiums.
Who is Insurate?
Insurate is a leading insurance technology provider that leverages data science and analytics to identify businesses that are significantly safer than the industry average. Safe businesses with fewer potential claims are less expensive to insure, and Insurate’s platform matches Safe-Tier™ businesses with deeply discounted rates from Liberty Mutual, Markel, and other leading work comp underwriters.
Insurate provides only work comp insurance and doesn’t bundle, upsell, or cross sell. The focus is on providing safe businesses the lowest work comp premiums as possible.
"The best part of our Safe-Tier™ work comp insurance is that it’s the EXACT SAME COVERAGE as any other work comp policy. It’s a regulated market, so all coverage is the same. The only difference is price and service, and we have unlocked a new category of discounted pricing for safe businesses that include enhanced digital services.”
- Joe McIlhon, President and Founder of Insurate
How does it work?
While workers’ compensation insurance is federally mandated and policies are standardized, prices can be highly variable based on the underwriter’s perceived risk of claims. As an Avetta member, suppliers demonstrate reduced risk and higher safety standards through the compliance process.
In turn, this allows Insurate’s data science to match safe businesses with leading work comp insurers at pre-negotiated rates. As a result, Avetta suppliers are experiencing a 30 to 50% reduction in work comp rates with the same exact coverage.
What it means for Contractors and Suppliers?
As an Avetta member, most suppliers automatically qualify for preferred work comp rates through Insurate. In light of the current economic uncertainty as a result of the COVID-19 pandemic, many businesses are making difficult decisions on how to spend their money and what expenses are essential to maintain their business.
While work comp insurance is mandatory, a high price tag for them are not. If you are a current Avetta member, learn how you could reduce your work comp premiums through Insurate by following these easy steps.
If you are not a current Avetta member, we encourage you to join the network to take advantage of all of the offers within the Avetta Marketplace.