Risk management means understanding, evaluating and addressing an issue that is likely to occur; in the case of businesses, employers understand there is a risk involved when employees are injured. When employees experience an injury, the business is negatively affected as a result of absenteeism, reduced productivity, increased health costs and more. 

Another important fact to consider is that injuries can happen anywhere at any time – not just at work. According to the National Safety Council, 51 percent of all nonfatal injuries that receive medical attention occur in or around the home.  So, what's a possible solution? A survey of 945 benefits decision-makers confirms that making voluntary accident and disability products available to employees is a smart business move. By offering voluntary accident and disability policies, business decision-makers are taking a risk-transfer approach. Not only are they reducing the chances that employees will file a Monday-morning claim, but they are also showing their workforce that they care about both their on-the-job and off-the-job safety.   

Safety initiatives

Mitigating risk is only one part of the equation; brokers can also show additional value by taking a role in their clients' safety initiatives. For instance, if your client has created an internal communication campaign to promote safety in the workplace, brokers can become involved by providing helpful information to ensure the success of the campaign. This will also further solidify your role as a benefits counselor and trusted adviser. As part of that effort, brokers should ensure their clients understand the varying needs of their workforce and have multiple ways to communicate with them about safety efforts based on their preference. This may even mean establishing multilingual safety campaigns to ensure employees are properly educated.  

In fact, it should be part of brokers' enrollment methodology to sit down with employers and employees to ensure they understand all aspects of benefits offerings, including safety measures, and are prepared to make the best decisions for themselves and their families. 

Bottom line

As benefits professionals, it's important to help clients see the big picture and develop strategies that are right for their business as well as their most important assets – their workers. Whether that means explaining how to manage risk by offering voluntary disability or accident policies or how to take an active role in safety programs, brokers are in a unique position to succeed.