The Cost of Ignorance: What You Don't Know About Performance-Based Insurance Can Save Your Company Millions - Hardcover

Phelan, Robert

 
9780988620308: The Cost of Ignorance: What You Don't Know About Performance-Based Insurance Can Save Your Company Millions

Synopsis

THE COST OF IGNORANCE is a riveting novella by business insurance veteran Robert Phelan.The story punctures confusing insurance jargon and introduces a powerful new concept for middle-market companies: a little-known form of insurance known as Performance-Based Insurance™ (PBI) costs less and can save a company millions of dollars over time. The tale is told through the misadventures of Timothy Franculli, owner of a wholesale manufacturing company that is about to go broke because of escalating liability and health insurance costs. Timothy attends a conference in San Francisco where he runs into an old friend and learns about PBI, a type of insurance that could save his struggling company hundreds of thousands of dollars per year. But there is a catch. Typically, in order to qualify for PBI, a company must have a strong safety culture where worker injuries and accidents are controlled and reasonably predictable. Franculli has a lot of catching up to do after a series of employee injuries the year before caused his worker’s compensation premiums to skyrocket 40 percent.

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About the Author

Robert Phelan, ARM is CEO of Litchfield Insurance Group and its subsidiary Construction Risk Advisors and a 30-year veteran of the insurance business. He brought the industry-leading Risk Reduction Approach to the construction community and developed forward-edge workers compensation loss-control and claim-litigation strategies for contractors. A graduate of Tufts University, Mr. Phelan is an expert in all types of Alternative Risk Transfer and Alternative Financing. In 2009 he was names a Construction Power Broker by Risk & Insurance magazine.

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