In this interview, we do a deep dive into the world of Worker’s Compensation for construction companies with an insurance industry insider. Kenan Knight has been in commercial insurance since graduating college. With over 15 years of experience helping contractors with both employee benefits and property and liability coverage, he provides us with insight into how Workers’ Compensation policies work, why you need one, what is a modification rate, and how it impacts your business in a variety of ways.

We explore how workers’ compensation works, what does it pay for, when does it kick in, what is the contractor still liable for, and how to calculate the true costs of insurance and worker injuries to the company. We discuss how deductibles work, and what strategies can be used to maximize the benefits of your workers’ compensation policy while keeping premiums down.

We discuss how is the mod rate is calculated, what factors contribute to this equation, and how it affects the cost of your Workers’ Compensation coverage. We discuss how differences in the way a company classifies and reports a worker injury can have both short-term and long-term impacts on the business, and how to really think about and interpret your policy.

We learn a few simple ways to reduce policy costs and discuss industry best practices that contractors can use to minimize the financial impacts of worker injuries to their company while still staying in compliance with all laws, regulations, and policies.

We learn what contractors can do to protect their workers, and themselves, from long-term financial impacts from a jobsite injury, the differences between recordable injuries, non-recordables, lost time accidents, and how light-duty return to work policies can benefit a construction company.

You’ll also gain insight into how general contractors interpret your mod rate, and how it impacts your ability to win work. What are contractors looking for when they ask about your mod rate? Why is it so important to them? What can you do to position yourself above your competition?

To learn more about the ABC's of Experience Ratings, click here.

Enjoy this spirited and lively conversation and leave us your comments and feedback below.




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Adam Cooper

Ascent's founder and president, Adam Cooper has over three decades of experience in construction business ownership, sales & marketing, project management, construction technology, company operations and leadership.

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