WCB SERVICES
Industry Custom Pricing
What is Industry Custom Pricing (ICP)?
In 2008, the WCB initiated the Industry Custom Pricing (ICP) program. This program removed Cost Relief for claims with pre-existing conditions. It was later extended to employers in other sectors, offering a slight premium reduction in exchange for relinquishing cost relief rights on any claim. It aims to offer a more customized approach to premium calculation, taking into account the unique risk factors and characteristics of each industry sector. JLM Solutions can analyze the advantages and drawbacks of joining ICP and ICP-CR to assist in deciding if it aligns with your organization's needs.
How Does ICP Work?
Tailored Pricing:
ICP considers industry-specific factors such as claim frequency, severity, and industry trends to determine premium rates. This personalized approach allows for more accurate pricing that reflects the actual risk profile of each employer.
Cost Relief Options:
Under ICP, employers may have the option to participate in Cost Relief programs, which provide opportunities for premium reductions in exchange for certain commitments or actions, such as implementing safety measures or participating in return-to-work programs.
Expert Guidance:
Navigating the complexities of ICP and understanding its implications can be challenging. That's where JLM Solutions comes in. Our team of experienced consultants is here to provide expert guidance and support every step of the way.
Why Choose JLM Solutions for ICP?
Specialized Knowledge:
With years of experience in Workers' Compensation consulting, our team has the specialized knowledge and expertise to help you make informed decisions about ICP participation.
Customized Solutions:
We understand that every business is unique. That's why we offer customized solutions tailored to your industry sector, business size, and specific needs.
Maximized Savings:
Our goal is to help you maximize savings while minimizing risks. Whether it's identifying cost relief opportunities or optimizing your premium structure, we'll work tirelessly to ensure that you get the most out of the ICP program.
Get Started Today.
Ready to take control of your Workers' Compensation costs with Industry Custom Pricing (ICP)? Contact us today to schedule a consultation with one of our experts. Let us help you navigate the complexities of ICP and unlock potential savings for your business.
