Listen as Jamey Bednez, vice president of Stalwart Insurance Group talks with us as we discuss the impact of wellness on insurance premiums. Bednez shares that wellness initiatives help employers identify inefficiencies. For example, he states that 61 percent of employees surveyed say that their workplace causes stress, which leads to over $300 billion in healthcare costs.
To improve your costs, Bednez encourages you to ask:
• What is the driving factor for a premium increase? • Are the benchmarks driving your insurance costs tied into your specific industry? • Are the reports being used to review your premium focused on your specific industry?
Most important, Bednez says, ‘75% of a company’s insurance spend is based on life choices of employees.’ This requires construction companies to encourage employees to lead healthy lifestyles. The costs are not based on challenges facing the industry but are more focused on lifestyle. Bednez provides tips that industry startups can adopt to help keep insurance costs down.