Executives from Key Risk, a leading provider of workers’ compensation insurance products and services for employers throughout the Eastern United States, visited Vaughan-Bassett Furniture, the largest U.S. manufacturer of wooden adult bedroom furniture, to recognize the company for its achievement of more than one million hours of safety and its creation of an injury-free furniture manufacturing culture throughout the company.
Working with Key Risk loss control specialists, Vaughan-Bassett has seen a 21 percent reduction in accident frequency in its year over year comparison between 2006 and 2005. The company also saw a nearly 70 percent reduction in lost time claims during the same period, with zero claims in the 2007 policy year to date. The company has experienced an 81.5 percent reduction in gross incurred value (2006 vs. 2005) with a 95.4 percent improvement in safety and claims when comparing 2007 to 2005.
“Knowing that we faced the potential of rising workers compensation costs as well as the heartache, loss of morale and loss of productivity resulting from employee accidents, we issued a challenge to Key Risk to help our company make safety a universal commitment among all employees,” said Doug Brannock, Vice President and Corporate Controller for Vaughan-Bassett Furniture. “The decision to find the right partner was a joint effort between Vaughan-Bassett Furniture and Wally Nelson of Chas. Lunsford and Son. Together, we searched for a world class carrier who would adapt to our needs and provide appropriate guidance and direction. Our selection process brought us to Key Risk. Today, we are even more pleased to recognize these results and the fact that we made the right decision for our company.
“Several of our initiatives have contributed greatly to our improvements on the safety front,” Brannock added. “First, we worked with Key Risk to develop plans for each plant that are specific to their needs. Second, we developed a communications process that insures accurate statistical data is shared across all management levels to ensure compliance based on priority and supervision. And, third, we provided appropriate training to all employees and formulated a process as well as incentive structure for demonstrating safe behavior – this got everyone involved.”
“Vaughan-Bassett is extraordinary as a case study in its commitment to safety,” said Rob Standen, President of Key Risk. “The entire company took the ball and ran with it. Today, it is obvious that employees know their involvement and accountability matters in providing a safe place to work.”
As specialists in the field of workers compensation, over the past four years, Key Risk has grown along with its clients’ success. To better service its clients and develop its business opportunities, the company opened offices in Charlotte, Nashville, Tampa, Atlanta and Maryland, in addition to expanding its operations in Greensboro and enhancing its client service and online technology platform.
“As Key Risk continues to expand, we want to ensure that we maintain our focus on client relationships by strengthening and customizing our services to meet their needs,” said Standen. “Access to our experts and information helps to create safer working environments while also preparing our clients to respond quickly, make better decisions for the well-being of their employees and enhance the productivity of their companies. As the Vaughan-Bassett example shows, this relationship commitment allows for better analysis of their needs and enhances the quality and value of decision making on their behalf,” he added.
ABOUT KEY RISK: Founded in 1986, Key Risk is a member of the W. R. Berkley Corporation, a publicly traded insurance holding company which, through its subsidiaries, operates in all segments of the property casualty insurance business. Key Risk Insurance Company recently received an upgraded financial strength rating by A.M. Best, along with other selected subsidiaries of W.R. Berkley Corporation, taking its rating to A+ (Superior) from A (Excellent). Key Risk Insurance Company, and its affiliate, Key Risk Management Services, Inc., operate from its headquarters in Greensboro, NC, and nine regional offices located in Atlanta, GA; Alpharetta, GA; Baltimore, MD; Charlotte, NC; Columbia, SC; Nashville, TN; Raleigh, NC; Richmond, VA and Tampa, FL.
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