Insights Provided for Agents Selling to Eating and Drinking Establishments

A recent national survey of small business decision-makers reports that restaurant owners focus primarily on price when shopping for workers’ compensation insurance, with little attention paid to potential savings available through workplace accident prevention. Survey results released by Employers Holdings, Inc. (EMPLOYERS) (NYSE:EIG) found that price drives the choice of workers’ compensation carrier for 3 out of 4 (71%) restaurant owners and other decision-makers.

Workplace accident prevention apparently remains a persistent problem as nearly half (44%) of restaurant owners and managers reported at least one costly workers’ compensation claim in the past five years—and 10% percent reported five or more claims within the same period.

Despite this accident reporting, a majority (61%) of survey respondents who changed carriers at their last renewal reported switching because of price. Workers’ compensation insurance carriers track policyholders’ loss experience to help determine premiums, as accident frequency can directly affect restaurants’ insurance premium pricing. Service-driven workers’ compensation insurance carriers like EMPLOYERS focus on the potentially significant savings that could be realized through effective use of workplace safety and accident prevention efforts.

Employers Holdings, Inc. (EMPLOYERS^®) (NYSE:EIG) is a Reno, Nev.-based company whose subsidiaries are specialty providers of workers’ compensation insurance focused on select small businesses engaged in low-to-medium-hazard industries.