NewDay Risk = Work Comp Experts

Many business owners, business leaders, and executives have expressed their frustration over the amount of time, energy, and money they have spent in dealing with workers compensations without truly achieving the results they were looking for.  If you are one of those people, take some comfort in knowing that you are not alone.

Workers compensation is very controllable,

if you know what to look for.   We hyper focus on correcting and eliminating all the areas where employers commonly experience mistakes, which lead to frustration and overcharges.   Did you know that over 50% of all workers compensation programs contain errors?  A study conducted by the Institute of Workers Compensation found that nearly all employers have some level of mismanagement.  The good news is that workers compensation is the most controllable line of business insurance that you purchase.  With the correct help, you can turn your program into a profit center.

How can we reduce our workers compensation premiums?

The root of this question revolves around year-end policy issues for the employer.  The payroll audit, classifications, credits or debits that are applied to their policy, and of course the experience mod.   To understand the complexities and cost drivers of premium in workers compensation ultimately lays out the foundation of how to obtain the best possible rates.

Workers Compensation is constantly changing,

is it too much to ask that your agent keep up?  The antiquated methods of insurance agents running a “report” and pointing out how bad your experience mod is, focusing on rates, and leading you into a bidding and quoting trap leads to poor results and rising costs.  When you partner and place your workers compensation business with NewDay Risk Consulting, you are stepping up to an advanced insurance consultant process.

We have a better understanding and are in the best position to advise you on issues.

Does your current agent hold a professional accreditation in workers compensation?  We do.  Our experts have received additional education, training, and have obtained an accreditation specific to workers compensation that enables them to fully understand where errors and mistakes commonly occur and how to eliminate them.  We enjoy a long history of helping employers break free from traditional methods and create a road map to achieve the results you are looking for.

I’m ready to eliminate overcharges!

NewDay Risk Consulting is leading the charge in how overall risk is perceived by insurance companies.

Our approach in helping our clients control their risk leads to reduced premiums, improving their risk profile, and preserving precious capital.

 

Our process provides major benefits for employers:

  • We locate mistakes in the Experience Modification Factors and follow through to make sure they are corrected.
  • Verify audits to identify and correct mistakes and errors in preparation for the insurance company auditor.
  • Obtain refunds for “money left on the table.”
  • Demonstrate to employers how they and not the insurance company ultimately pay for injury costs.
  • Demonstrate to employers how “Bidding and Quoting” their Workers’ Compensation Program is their least effective strategy to drive down their costs.
  • Help employers establish a process for reducing costs and eliminating future errors.
  • Help employers in the hiring process, where Workers’ Compensation problems start.
  • Focus on obtaining the right treatment, from the right doctor at the right time to provide the most effective care to injured employees.
  • Train supervisors on the importance of and how to manage Workers’ Compensation.
  • Help employers minimize the risk of losing valued employees when they are injured and enter the Work Comp System.
  • Create a process to get injured workers back on the job quickly and fairly.
  • Assist in implementing processes that reduce lost workdays by 60% to 80% due to injuries.
  • Assist employers in reducing litigation arising from injured employees.
  • Serve as a continuing advisor to employers.
Rob M.
We have been in business since 2001. We own and operate 11 locations in the Minneapolis area. We have had the great pleasure of being advised by New Day Risk in all matters relating to Workers Compensation Insurance and Workplace Safety since 2014. They hav been an invaluable resource for us as we have navigated the difficult challenges of managing the cost of our WC insurance. When we first began working with them, we were in the assigned risk pool due to a poor history of work related injuries. New Day Risk has helped us not only get out of the assigned risk pool, but he has helped us better manage the entire process of how we manage work related injuries and worker safety programs. We could not recommend him any higher!

Rob M.

Food Industry

How can we reduce our workers compensation premiums?

The root of this question really revolves around year-end policy issues for an employer.  The payroll audit, classifications, credits or debits that are applied to their policy, and of course the experience mod.   To understand the complexities and cost drivers of premium in workers compensation ultimately lays out the foundation of how to obtain the best possible rates.   Let us do the heavy lifting for you.

Communication – Lowering your cost and increasing productivity starts with communication.  We will help you develop, enhance, and implement clear language defined with processes and procedures so everyone knows what to expect when an employee suffers an injury.  We provide ongoing education and training for management, HR, supervisors, and employees to both prevent the causes of injury and how to best manage injuries and drive positive results.  We provide and train your staff on various technology tools that create efficiencies, eliminate mistakes, and addresses OSHA Compliance.   We advocate and communicate for you, to ensure accountability between all parties.

Injury Management – Work Comp is the single most controllable line of insurance.  It is influenced by process and is triggered by dates.  We manage all the critical dates that impact cost for you; Date of Audit, Date of Injury, and the Date of Valuation.  We know Workers Compensation acts as a Tax on Workplace Injuries.  We implement an injury management system that begins the moment an injury occurs to reduce your taxed amount.

Financing – We know over 50% of employers have errors and mistakes within their program that can lead to overcharges.  We calculate and validate that your program is error and mistake free.  If we uncover current or past errors, we will work with you to recover the hidden capital.  We calculate your minimum experience mod and build a defined road map to achieve the savings.  We continue to improve your risk profile to make you attractive to insurance companies, capture all the applicable credits, and receive the best rating plan options available for you.

What We Do

PREVENTING INJURIESAGGRESSIVELY MANAGING INJURIES THAT DO OCCUREFFECT FINANCING THE COST OF INJURIES
Compliance and Safety Training24-Hour Injury ResponseSelection of Carrier
Hiring PracticesClaim Coordinator ProgramSelection of Rating Plan
Powerful Employee RelationshipsMedical Clinic RelationshipCredit Programs
Positive Corporate CultureBack-On-The-Job ProgramManage Experience Mod
Ongoing TrainingReview Carrier Performance

I’m ready to eliminate overcharges!