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2 engineers in hard hats

Moving on from Guaranteed Cost—a Strategy for Reducing Workers Compensation Costs

Workers’ compensation is usually the most expensive insurance coverage for construction companies and contractors, with guaranteed cost programs being the most commonly used. The International Risk Management Institute (IRMI) defines guaranteed cost programs as “premiums charged on a prospective basis without adjustment for loss experience during the policy period. A rate is agreed on at the inception of the policy and is multiplied by the appropriate exposure base (e.g., sales, payroll, number of vehicles, or square footage) to yield the premium.”*

Industry Guide: Reporting Near Misses in the Construction Workplace

In the construction industry, near miss incidents are common occurrences where an accident was narrowly avoided. They’re also a precursor to more dangerous and expensive events. Tracking near misses can help companies reduce the number of incidents by monitoring when and where potential hazards take place. In Hays Companies’ new white paper, Senior Vice President Abby Ferri details:

Paul Nelson Joins Hays Companies

Hays Companies announced Paul Nelson has joined its Dallas operations as Senior Vice President. Nelson brings a unique perspective and extensive construction risk experience to Hays’ Texas operations.

Abby Ferri Joins Hays Companies As Vice President

Hays Companies announced Abby Ferri has joined its Minneapolis operations as Vice President. She will be responsible for helping build the national construction practice through her experience and expertise in safety and risk management.