Blog Tag: Risk Management Consulting
What Really Adds Up to TCOR
You’re my hero! Have you ever said that when someone did a simple favor like loaning you an umbrella during a storm or holding the door when your hands were full? I’m sure you appreciated the gesture, but were their actions truly heroic (which can be defined as brave, courageous, valiant, superhuman, etc.)? It’s become common practice in the English language to overuse words and phrases to the point that we dilute their value and begin to misuse them.
Look Back to Plan Ahead
SilverStone Group has dedicated nearly 20 years of risk management service to healthcare professionals and facilities. Beginning with just a handful of clients two decades ago, we now work with hundreds of healthcare facilities and almost 1,000 physicians across the Midwest and beyond. This experience helps us predict and observe trends through the data we collect and analyze for our customers. We are familiar with what is going on in the more litigious parts of the country and can advise our customers on emerging risks and prevention strategies before problems hit home.
Try to imagine that you’re stranded in the ocean, struggling to keep your head above water. Someone finally throws you a life preserver, but you find out it’s full of holes and isn’t going to keep you afloat. It’s a devastating feeling to be thrown a lifeline, only to discover it isn’t strong enough to provide the help you need. This could be the unfortunate reality for many people who count on the National Flood Insurance Program (NFIP) for financial protection in the event of a flood.
Accidents happen. We grew up hearing this phrase. While we try our best to prevent and avoid workplace injuries, the reality is that accidents can and will happen. That is why employers have workers’ compensation policies.
When it comes to these types of claims, however, some employers don’t seem to fully understand all of the related costs. It is generally understood that when claims arise they have several direct costs. These normally include medical costs and indemnity payments. It could also increase the insured’s premium at renewal time because more claims typically lead to higher premiums. But many people fail to consider the deeper financial impact that goes beyond claims costs and renewal premiums in the form of indirect loss costs. When we look at Total Cost of Risk (TCOR), indirect loss costs play a significant role.