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Knight-Dik Workers’ Compensation Process2022-01-11T15:33:09+00:00

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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    Proper Analysis Is The Key To Understanding Workers’ Comp Costs

    In order to reduce your workers’ com­pensation costs, you have to analyze where you are and how you got there. By doing so, you’ll be able to determine how to handle any problems. The mistake that many busi­ness owners make is skipping this step and trying to throw anything and everything at the problem, before they even understand what the problem is.

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    Knight-Dik offers all types of personal and business insurance, including our specialty – workers’ compensation. We see our 100+ years of experience as a knowledge base to be used to further our clients’ best interests.

    CONTACT INFORMATION

    Knight-Dik Insurance
    Mercantile Center, 120 Front Street
    Worcester, MA 01608
    800-286-6353
    Contact Us

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