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Making the Grade with a Grading Company

Dec 19, 2013|by LP Insurance Services, LLC.

The LP Service Difference
We are service providers. We seek to build a relationship, providing products that fulfill your insurance needs. Asking the right questions, offering solutions to business challenges and providing support services such as risk management and loss control is what makes LP unique. How we work for you… 

Introductory Meeting
LP Las Vegas division leader, Greg Pike, met with a potential client (a grading company owner) who was using an out-of-state broker. The client wanted Greg to join in the bid process for their renewing insurance. While Greg was happy to have the opportunity to be a part of the process; he knew as a service provider he could deliver more.

Just days before the company’s policies were set to expire, Greg met with the owner and explained that our services include a complete diagnostic analysis and audit with conversations, coverage reviews and needs assessments; emphasizing our additional training and risk management support. Intrigued, the owner agreed to a review of all their policies and made his leadership team available for discussions. The LP team went to work!

Upon review of their risk transfer program, our team realized because of a Nevada law, the company had errors in their worker’s comp self-reporting. In fact, the company’s reporting altered their premiums and caused over payments. LP arranged for an auditor to help rectify the reporting issue which will result in funds being returned to the company. 

We also learned the company’s EM (Experience Modifier) rating was trending poorly when it should have been favorable. We informed the owner that when carriers inaccurately report data to the NCCI (National Council on Compensation Insurance), it can significantly impact a business’s EM. LP’s Risk Management Services team can help companies manage their EM rating.

LP’s Risk Management Services group featuring claims consulting, training experts, certified hearing officers and more can help businesses manage their EM rating (assisting with cost control) and can even help with internal loss control procedures—improving job site safety, shop safety and more. 

Impressed with Greg and his team’s investigation, follow-up, speed, knowledge and services including our Risk Management Services group, the owner called his out-of-state broker (and the other bidding broker) and told them he would be moving to LP that very day.