WCK Novice: By completing the help tour, you will receive your first badge!
Program Development Pro: To receive this badge, review the entire program development section.
Assessment Complete: To receive this badge, complete the entire WCK assessment.
Tools Specialist: To receive this badge, download at least one document and use a calculator at least once.
Module Master: To receive this badge, review all four modules in their entirety.
Impressive Implementer: To receive this badge, review the entire implementation section.
Benchmark Reporting: To receive this badge, generate your self-service benchmarking report.
WCK Champion: To receive this badge, you must have received all other badges.
Congratulations!
You have earned all your badges on Workers' Comp Kit®.
Now you are a Workers' Comp Kit® Champion!
Even though you are an expert in workers' compensation, please feel free to visit our site to download documents, use the tools and take the assessment again next year. We hope to see you soon!
Access our list of COVID-19 resources here to navigate the risk management and workers' compensation challenges brought on by the pandemic.
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Experience Rating
***Oracle America Inc
***917032106
***04/01/2017
***04/01/2017
***INTERSTATE
(A) Wt
(B)
(C) Exp Excess Losses (D-E)
(D) Expected Losses
(E) Exp Prim Losses
(F) Act Exc Losses (H-I)
(G) Ballast
(H) Act Inc Losses
(I) Act Prim Losses
***00000123
***00000123
***00000123
Primary Losses
Stabilizing Value
Ratable Excess
Totals
Actual
C * (1 - A) + G
(A) * (F)
Totals
Expected
C * (1 - A) + G
(A) * (C)
Totals
ARAP
FLARAP
SARAP
MAARAP
Exp Mod
Factors
(J) / (K)
Incident Calculator
The cost of a workers' compensation claim isn't always appreciated from a big picture perspective. By using the Workers' Comp Kit® Incident Calculator, you’ll be able to quickly determine how much revenue is actually needed to pay for the direct cost of a workers' compensation claim. Help build the case that limiting costs can be just as productive as bringing money in the door!
It takes in sales to replace the
your company spent on workers' compensation.
The grand total represents the true cost of workers' compensation. That is
the amount of money your company spent to 'pay for' workers' compensation.
In other words, to replace the cost of workers' compensation losses on the
bottom line, your company would have to increase sales by that amount. And,
that amount cannot be reinvested or returned to stockholders. It is the same
as if sales dropped by that amount.
The true cost is much larger than the amount executives see on the loss report.
It takes in tax base to replace the your organization spent on workers' compensation.
The grand total represents the true cost of workers' compensation. That is the amount of money your organization had to tax to 'pay for' workers' compensation.
In other words, to replace the cost of workers' compensation losses on the bottom line, your organization would have to increase the tax base by that amount. It is the same as if the tax base dropped by that amount.
The true cost is much larger than the amount risk managers and administrators see on the loss report.
Incurred Costs Explanation
Workers' compensation costs fall into three categories: Paid, Reserved and Incurred
Paid Losses: Money spent on a claim
Reserved: Money set aside (outstanding) for future payments
Incurred Losses: Combined total of paid plus reserved amounts
Paid + Reserved = Incurred
Profit Margin
Your company's profit margin is defined as the amount by which revenue
from sales exceeds cost in business. You can determine your profit ratio
if you know your company's net income and net sales.
Profit Margin Ratio = Net Income / Net Sales
If you are unsure of your profit ratio, please see below for some popular
industries and their average profit margin.
Industry
Range of Average Profit Margin
Transitional Duty Calculator
An additional way to gain support is to demonstrate the value of running a strong return to work process within your program. The below calculator can help generate a figure to highlight the potential savings of maintaining such a process.
is the amount of money it would take to recoup the on your company's bottom line.
The Savings of a Transitional Duty Program from saving lost days is:
Calculator Definitions
Calculate the number of days you will be able save by implementing a Return to Work Program. The estimate can be per claim, per year or per company.
For example, if there is an employee the medical provider estimates will be out of work for 8 weeks (8 weeks X 7 days/week = 56 days) and you can place the employee in a transitional duty position so he misses zero days from work, enter 56 days saved. If he will miss a few days of work, for example 4 days, then subtract those days from your initial estimate and enter the remaining days (56 days - 4 days = 52 days).
Or, for example, if you think you will cut your lost work days in half this year, saving 200 days at $100/day, enter that data to show the total cost savings from your transitional duty program.
Some states have unreimbursed waiting periods during which time an employee is not paid a wage loss benefit. You can subtract those days, if you wish.
Estimate the average weekly lost wage (indemnity) payment for an employee who are out of work. Since most lost wage calculations are based on calendar days, you can divide the weekly indemnity payment by 7. If your jurisdiction calculates wage loss benefits based on business days, divide the weekly wage payment by 5.
Note: if an employee is working two jobs, the average weekly wage received for workers' compensation may include wages lost from both jobs.
Estimate the cost of replacement labor by pro-rating the annual salary or wages of the employee who is out of work.
Or, use the same amount as the lost wages for the employee who is out of work. This is the amount in the field labeled: Total Estimated Savings of Bringing That Employee back to work on Transitional Duty.
The cost of replacement labor may be more or less than the employee missing work, so remember, this is only an estimate.
Important Note: These figures are estimates only. They can be useful to gain management and supervisor commitment for implementing a transitional duty program and bringing injured employees back to work in temporary transitional duty tasks. Never rely on these estimates for legal, medical, accounting, chargeback or any other purpose.
Profit Margin
Your company's profit margin is defined as the amount by which revenue
from sales exceeds cost in business. You can determine your profit ratio
if you know your company's net income and net sales.
Profit Margin Ratio = Net Income / Net Sales
If you are unsure of your profit ratio, please see below for some popular
industries and their average profit margin.
Industry
Range of Average Profit Margin
Team Results
Invite your team members from other locations to take the Workers' Comp Kit® assessment. Their assessment results will be available in a PDF format below, once they have registered and completed the assessment.
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There are several new features in this system that we are excited for you to use. This tour will explain all the important components of the system.
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Improvement Modules
Congratulations on completing the WCK® Assessment! The results indicate your program is in excellent shape. While we won’t specifically direct you to a particular improvement module, we do recommend you take some time to review the Improvement Modules and Tools for any potential new ideas that might help supplement your current practices. Great job and thank you for your business!
We’re glad you’re interested in viewing the WCK’s improvement modules. If you find you need a more detailed focus of where your current program could use improvement we recommend starting with the WCK assessment to identify which modules will be most valuable for your best practice program.
Please use the below library for administration of your workers' compensation program. These documents are intended to be sample documents. Use at your own discretion.
Your workers' compensation program checkup in less than 30 minutes.
The Workers' Comp Kit® Assessment measures how well your current workers' compensation program aligns with industry best practices. In less than 30 minutes, you'll receive customized recommendations to help you move towards an optimum workers' compensation program.
Compare your workers’ compensation loss profile with a click of your mouse!
Using a combination of claims data from Safety National’s internal sources and various Workers’ Compensation Bureaus*, the Workers’ Comp Kit® allows employers to perform comparative analysis between their loss profile and that of the industry’s.