SOURCE: Insurance Solutions Group

August 24, 2006 18:46 ET

New Home Marks Fast Growth for Risk Services-Nevada

Administrator of One of Nevada's Largest Workers' Comp Insurers Moves to New, Larger Quarters to Help Meet Growing Workers' Comp Demands

LAS VEGAS, NV -- (MARKET WIRE) -- August 24, 2006 -- A high level of safety-oriented training and loss prevention services -- as well as aggressive claims management -- are two reasons why Builders Insurance Company, one of the state's largest workers' comp providers, has grown by 1,000 percent since it's inception in 1995. To enhance the firm's already enviable track record, and to better serve Builders Insurance's more than 1,100 client construction companies, Risk Services-Nevada, administrator for the company, has just moved into new and much larger quarters.

Builders Insurance provides workers' comp coverage -- as well as comprehensive safety and fraud-reduction measures -- to help participating companies reduce on-the-job injuries and reduce workers' comp claims and costs. In doing so, they have achieved a loss ratio of just 37% in the fiscal year just completed -- down from 42% a year ago and less than half the national average of 85% for construction industry workers' comp claims.

"We needed additional space to meet the needs of an expanding work force of safety trainers and administrative support, as well as significantly increased classroom space to better provide safety training to our policyholders," according to Ron Landram, Vice President of Risk-Services Nevada. "To obtain this added space, we took over an entire building, located at 5430 West Sahara Avenue in Las Vegas." Risk Services-Nevada nearly doubled its available floor space, from 6,800 square feet in its former location on Valley View to, more than 10,000 square feet in its new facility.

"We were at 110 percent of capacity at our former location; at our new facility, we are currently utilizing approximately 75% of our new work space," Landram explained. "This gives us substantial room for growth -- as Builders Insurance continues to grow, we will be able to keep pace, adding additional staff and ensuring our policyholders continue to receive the highest level of claims management and on-the-job safety training.

"For instance," Landram pointed out, "we have expanded our classroom space to provide a 30 percent increase in our per-class safety training capacity. However, because we know that comfort is an important part of the training experience, we intend to maintain our class size in facilities that are a third larger than our previous classroom facilities. This should enhance the quality of our safety training -- and that quality pays off in fewer accidents, injuries and claims -- a real win-win situation for our policyholders and their workers."

The increased space will make it possible for Risk Services-Nevada to hire additional safety trainers and increase the number of classes offered each year. "We now train between 1,300 and 1,700 construction workers, supervisors and managers each year," Landram said. "We plan to boost our faculty and increase the number of classes we hold -- in this way, we will not only provide a superior training experience, but we'll also reach more of our policyholders' managers and workers with vital safety training -- the kind of training that reduces both the number and severity of on-the-job construction-site accidents."

In addition to allowing Risk Services-Nevada's capacity for meeting the safety training needs of more than 1,100 Nevada construction industry employers, the new facility is fully compliant with the Americans with Disabilities Act requirements. The new headquarters are easily accessible from all of Las Vegas's freeways and main surface-street highways -- cutting travel time is recognized as an important factor in an industry where time is money.

About Builders Insurance Company

Builders Insurance Company (BIC) offers post accident drug testing, back-to-work programs and created a drug-free workplace program to save Nevada's construction companies millions in workers comp costs. More than 1,100 Nevada construction companies look to Builders Insurance to provide comprehensive workers' comp protection to their employees.

Builders Insurance distinguishes itself by providing workers' comp coverage -- as well as comprehensive safety and fraud-reduction measures -- designed to help participating companies reduce on-the-job injuries and reduce workers' comp claims and costs. In doing so, Builders Insurance achieved a loss ratio of just 37% in fiscal year 2005 -- down from 42% a year ago and less than half the national average of 85% for construction industry workers comp claims.

Builders Insurance Company is a Nevada domestic insurer wholly owned by Nevada Contractors Insurance Company, Inc., a Nevada captive insurer; in turn, Builders Insurance is the sole owner of Risk Services-Nevada, which provides safety training and claims support for Builders Insurance's more than 1,100 policyholder companies. For more information, please visit the web site at http://www.nevada-comp.com.

Contact Information

  • Contact:
    Tom Wheeler
    Vice-President of Marketing
    Builders Insurance Company, Inc.
    (702) 631-0878