Motivational Mondays: Empowering Employers: Unveiling Workers’ Compensation Secrets with Kevin Ring

Breakfast Leadership Show

Website: https://www.workcompprofessionals.com/
LinkedIn: https://www.linkedin.com/in/iwcpkevin/
Kevin Ring is the Lead Workers’ Compensation Analyst at the Institute of WorkComp Professionals (IWCP), which trains both insurance agents and employers in how to build a successful workers’ comp program.
Employers have been taught that because workers' comp is mandatory, and the policy is the same no matter who they work with, that they have no control and should just shop for the lowest price. But nothing could be further from the truth!
Kevin is extremely knowledgeable in the field of workers’ compensation, and he wants to help struggling business owners and employers across America (particularly those in blue/grey-collar industries) limit unnecessary expenses and have more productive and profitable businesses.
He has reviewed and analyzed over 1200 experience mod worksheets with clients, and has served as an expert witness in litigation involving the workers' comp premium audit.
Kevin has also been published in Rough Notes, Insurance Journal, and other insurance and general industry trades publications, and has been called an "encyclopedia of workers' comp" by accomplished insurance agent and podcast host David Carothers.

Workman's Compensation for Small Businesses Michael and Kevin Ring discussed a potential conversation about workman's compensation for small businesses and entrepreneurs. They highlighted the importance of the topic and agreed to focus on the topic of classifications and premium audit, a requirement for every business buying workers' compensation insurance. They also discussed the potential of reaching larger organizations through their show. The conversation was set to be organic and last between 15 to 20 minutes, with Kevin Ring sharing relevant links at the end. Workers Compensation: Employer Responsibility and Prevention Strategies Kevin Ring from the Institute of Work comp Professionals explained the importance of workers compensation to employers. He traced its origins to 1911 Wisconsin's Workers Compensation Law, which shifted liability for employee injuries from employees to employers. Kevin Ring emphasized that workers compensation is not just about injury claims, but also about employer responsibility and prevention strategies. He pointed out that the cost of workers compensation premiums is controllable through program setup and injury prevention strategies. Michael D. Levitt facilitated the discussion, emphasizing the need for a better understanding of workers compensation among business owners. Workers' Compensation Policy Importance Kevin Ring and Michael discussed the importance of businesses understanding their workers' compensation policies, particularly the classifications applied to their policy. Kevin Ring emphasized the need for businesses to work with their insurance agents to ensure the classifications are correct, as they determine the rates businesses pay on different parts of their payroll. He also highlighted the role of the workers' compensation premium audit, which checks if the estimated payroll matches the actual payroll of the policy. Kevin Ring also noted that there are exceptions to what is included in workers' compensation, such as overtime pay in most states. Insurance Audit and Record-Keeping Importance Kevin Ring emphasized the importance of accurate record-keeping for expense reimbursements to avoid potential issues with insurance audits. He stressed that businesses should consult with their insurance agents to understand what expenses are exempt in their state, as there are variations from state to state. Michael D. Levitt agreed, noting that accurate records are important not only for insurance situations but also for taxation. They discussed the need to correctly classify employees to avoid potential claims and disagreements with insurance companies. Kevin Ring concluded by stating that while insurance companies typically pay by default, inaccurate classification of employees could lead to scrutiny during a premium audit. Policy Classifications and Insurance Costs in Construction and Agriculture Kevin Ring discussed the importance of understanding the complexities of policy classifications in construction and agriculture, particularly in relation to payroll. He emphasized the need for a strong agent to guide businesses through this process to prevent overcharging. Kevin Ring also pointed out the importance of having an outside bookkeeper handle workers' compensation premium audit and advised businesses to ensure they don't pay more than necessary for their insurance. Michael D. Levitt agreed, stressing the importance of clean books and preparation for potential legislative changes. Both agreed on the need for businesses to select the right agent, not just the one offering the lowest price. Work of the Institute and Training Program Launch Michael D. Levitt and Kevin Ring discussed the importance of understanding the work of the Institute and the potential for further exploration of its system. Kevin Ring mentioned that interested individuals could learn more at work.comp professionals, com or by calling him directly at [phone], or emailing him at [e-mail]. Kevin Ring also mentioned the release of their first training program for employers, which can be found at locked and loaded training.com, and is specifically designed to provide employers with the basics to better manage their program.