Knight-Dik Workers’ Comp Results Program

Many business owners don’t really know what drives their workers’ comp costs. At Knight Dik Insurance, we’ve distilled decades of experience into a systematic approach that enables our clients to better manage the factors which most influence their workers’ comp coverage and lower costs.

We begin by conducting an analysis of the premium your company is currently paying for workers’ comp coverage. We examine your current rate and figure out why you’re being charged so much. Then we determine the rate you could be paying if steps were taken to bring your premium down to its lowest possible rate — without any additional risk or loss of coverage.

Most clients find the KD WorkersComp Results Program process to be eye-opening and highly valuable. We look forward to discussing the building blocks of our Results Program as they apply to your business.

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The Building Blocks of the KD WorkersComp Results Program

Developing a Process That Jumps Into Action When an Employee Is injured

Job injuries should be dealt with immediately. Develop a process that makes sure a supervisor is notified quickly so that the employee receives appropriate care for their particular injury and information is gathered for claim documentation. If emergency treatment is not necessary, a walk-in urgent care clinic is a lower-cost alternative to a hospital. Assessing an injury upfront can help streamline employee’s recovery, get them back to work faster, and cut down on claim-related expenses.

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Establishing a Strong Return-to-Work Program

Companies with comprehensive “return-to-work” programs can minimize or eliminate lost-time claims by bringing an injured worker back to work as soon as it is practical. Knight-Dik will help your company identify important needs within the organization that an injured employee can do and determine what additional training may be necessary to increase employees skill set. It has been found that injured employees recover faster if they are at work, making these programs a win-win situation.

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Actively Managing Open Claims

At Knight-Dik, we want to make sure what has been paid on employee injuries are in line with what the insurance company is reporting to the rating bureaus. Our goal is to eliminate any open cases that should be closed and minimize the amount of reserve on the claim in order to keep costs down. Towards that end, we utilize a third party specialist to do follow-up call on all open claims over $10,000. The results have been tremendous. We have consistently reduced claim costs by more than 25% every year.

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Implementing a Leadership-Driven Wellness and Safety Program

Knight-Dik will help you take a leadership-driven approach toward implementing a wellness and safety program at your company. Such an initiative can not only reduce workers’ comp costs, it can also have a positive impact in other areas of your business, including reduced absenteeism and sick days; fewer accidents; and, increased productivity.

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Enhancing HR Resources and Hiring Processes

Employees are a company’s greatest assets. They can also be a company’s greatest risks. Knight-Dik will provide your company with free web-based access to Think HR for support and sample documents to you run your business. Their guidance and tools will help you prepare for and manage a variety of risks, including hiring, workplace safety, employee benefits and harassment prevention.

Improving Cash Flow with Pay-As-You-Go Financing

Knight-Dik offers a convenient pay-as-you-go payment solution for workers’ comp policies that allows you to trim your down payment, improve your cash flow during the policy term, cut paperwork, and reduce risk of year-end audit issues (especially surprise payments). Your loan payments are calculated and paid based on actual payroll. Premium payments are automatically deducted each payroll period. WE offer competitive rates and terms and seamless integration with your current payroll company and process.

Analyzing Your Experience Modification Factors

The experience modification factor is essentially what drives workers’ comp premiums. It is a derived from a 3-year look back at payroll data, claims data, and job classification data. Most insurance buyers assume their experience modification factors have been correctly reported, but this is not always this case. If claims remain open and injury costs escalate, reserves rise and adversely affect the employer’s experience modification factor.

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Ensuring Accuracy of Job Classifications

As many as 70% of companies overpay on their workers comp premiums and the root cause is most often job code misclassifications. A proper classification helps insurers estimate expenses or losses related to the risk being insured. It also ensures that you are not over-insuring expenses or losses. For example the code 5437 Carpentry is commonly misclassified to general contractors. This code is specifically for an artisan contractor, whose scope of work is doing cabinet installation and is a lower rate than most construction class codes.

Preparing for Annual Workers’ Comp Audit

Your insurance company audits your workers’ comp policy each year to verify if the payroll data, job classifications, and losses are correct. If sub-contractors are used, the insurance company will verify that these sub-contractors have workers’ comp coverage. If they do not, they are added to the company’s policy. Knight-Dik will help you prepare this information and identify all the credits and options that you qualify for.

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When Does the Law Require Workers’ Compensation?

When Does the Law Require Workers’ Compensation?

Employers must provide safe working conditions for employees. When an employee suffers an injury on the job, he or she might have the right to obtain compensation from the employer. Such compensation comes in the form of workers’ compensation.

A Good Return-to-Work Program Benefits Both the Company and the Employee

Many business owners think that it is better to have someone out on worker’s comp than to pay them for a lesser job. After all, worker’s comp will pay for them to be out. The reality is that it costs at least twice as much to put in a worker’s comp case based on the large premium increase that losses cause.

Dealing With Insurance Audits A Key To Avoiding Future Problems

After the policy year is complete, your insurance company “audits” the policy to verify if the payroll data, job classifications, and losses are correct. When an insurance company audits a policy, they are typically looking for standard information to review and update.

There’s A Secret To Getting The Insurance That’s Exactly Right For You.Have A Conversation With Us.

Knight-Dik Workers’ Comp Results Program

Request A Free Premium Analysis

The Building Blocks of the KD WorkersComp Results Program

Developing a Process That Jumps Into Action When an Employee Is injured

Establishing a Strong Return-to-Work Program

Actively Managing Open Claims

Implementing a Leadership-Driven Wellness and Safety Program

Enhancing HR Resources and Hiring Processes

Improving Cash Flow with Pay-As-You-Go Financing

Analyzing Your Experience Modification Factors

Ensuring Accuracy of Job Classifications

Preparing for Annual Workers’ Comp Audit

When Does the Law Require Workers’ Compensation?

A Good Return-to-Work Program Benefits Both the Company and the Employee

Dealing With Insurance Audits A Key To Avoiding Future Problems

There’s A Secret To Getting The Insurance That’s Exactly Right For You.
Have A Conversation With Us.