Longwood, FL – What policies and procedures does your organization have in place right now to reduce your risk, reduce your operating costs and increase your profitability? To their detriment, most companies simply rely on their insurance carrier to help reduce losses. According to risk consultant Rick Dalrymple, that’s old-school thinking. What’s needed are cost containment strategies designed to improve your bottom line.
Dalrymple is a senior financial risk consultant, national speaker and author of the best-selling book Accidents Waiting to Happen, a book of best practices in workers’ comp administration. As one of the owners of IOA Risk Services, Dalrymple specializes in corporate risk management for growth-oriented businesses.
“It’s been proven if you reduce your business risk as a company, you can and will increase your profitability,” says Dalrymple. “Our goal is to make our clients “Best in Class”. By reducing the number and cost of workers’ compensation claims, they can reduce their operating expenses and increase their profitability.”
How much did your last bad hire really cost you? According to Dalrymple, what a company pays in insurance premiums only represents the tip of the iceberg in regards to their Total Cost of Risk. Between the cost of the claim itself and the cost to hire and train a new employee, the total cost can be actually 10 times the size. If a company has a small $15,000 claim, by the time it’s all said and done, that claim probably cost them $50,000. If you’re a company with a five-percent profit margin, you’d have to sell $1 million in sales just to break even with your costs for that claim.
“That’s why it’s important to reduce risk,” says Dalrymple. “You’ve got to stretch yourself out that much more just to cover your losses.”
To help shrink that iceberg, Dalrymple and his associates created a system known as RiskScore®. Like a credit score, a high RiskScore® qualifies a company for better pricing for coverage. Your RiskScore® is determined by a 10-minute questionnaire that provides an extensive overview of your organization’s operational risk management.
“We step in and show them how to manage their claims process and give them checklists and strategies to gain better control over a system that many times they feel controlled by,” says Dalrymple.
Simple solutions such as medical health questionnaires, proper testing and more thorough hiring practices can be extremely impactful.
“Too many business leaders fool themselves into believing their businesses are well-run,” says Dalrymple. “When you have multiple key people in an organization go through this process it’s like football: the left tackle needs to know what the right tackle is doing during an offensive play. We get everyone on the same page doing what they’re supposed to and we’re having fantastic success.”
Close-Up Talk Radio will feature Richard Dalrymple in an interview with Doug Llewelyn on February 4th at 12pm.
Listen to the show www.blogtalkradio.com/closeuptalkradio. If you have a question for our guest, call (347) 996-3389.
For more information on Richard Dalrymple, visit http://richarddalrymple.com/