Over the years, PRISM has discovered coverage gaps in client risk profiles and has, consequently, developed niche coverages to mitigate these risks. Beyond many proven Property and Casualty programs, PRISM’s Specialty Services has expanded its reach into new niche areas that include Personal Lines specialty areas as well as unique employer coverages requiring specific OSHA regulations.
Delivering Beyond: Expanding niche products and services – meeting your unique needs.
WC Control Strategies
PRISM’s state-of-the-art “Comp Control” system helps control costs by leveraging technology to achieve more transparency and more efficient risk management. Although effective in a wide variety of industries and coverages, Spectrum Risk Management is particularly impactful in the difficult to control WC arena. Technical tracking, cost control strategies and fraud prevention are key drivers in WC.
PRISM also provides a proven “Return-to-Work” program to this highly regulated and is a close-to-national (US States), mandatory coverage environment. Monitored physical therapy, restricted duty work assignments and other motivational strategies are deployed to get injured workers back to work and off WC.
Loss Control Strategies
Partnering with affiliated workplace safety company, TLC Solutions, PRISM can identify problems before they occur through state-of-the- art claims data collection and tracking systems, which do a thorough evaluation of the insured’s incurred losses, as well as the claims payment history. TLC Solutions can assess a multitude of insured business practices including company culture, safety awareness and training as well as educational training on equipment, processes and incident handling procedures.
PRISM’s extensive experience in loss control training, worker communication techniques and injury prevention have formed the backbone of its client service reputation. One of the best lessons of lost control strategies at PRISM is its philosophy that “the more time an employee is not at work, the less likely he or she will return to work.”
Contingency Based Services
To help clients address rating bureau rules, financial penalties and sometimes subjective interpretations of policy terms, PRISM offers its clients two forms of Workers’ Compensation contingency based services: fine reduction and premium recovery. Both these services are no-risk, high-value opportunities for participating PRISM clients.
Occasionally, a new PRISM client could be facing a hefty financial fine for failing to provide adequate or WC coverage at all in a given state or states. PRISM’s specialty services affiliate, CH Claims Handling, has a strong appeals track record for delivering reduced or eliminated fines for failure to provide proper WC coverage. The affiliated PRISM unit also has successfully delivered client over-charge recoveries on their annual WC premium charges.
Personal Lines Specialties
In recent years, PRISM has been steadily expanding its Personal Lines coverages and specialty services. Beyond the standard homeowners, auto, property and personal liability, PRISM has stepped in to exposure fields previously not available.
In New York, for example, we have introduced liability coverage for cleaning persons, housekeepers or family “nannies.” PRISM’s “Domestic Help Coverage” is pioneering injury and liability coverage not covered in traditional homeowner policies.