Tag Archives: child care insurance
If you read our first article in the series “Managing Insurance Claims First Reports Can Have Big Impact for Schools & Non Profits” then you know that it’s a two part process, “be prepared” and “follow up.” This article shares the concept of how important proper claims follow up is for all workers compensation insurance claims, and all general liability insurance claims.
WHY WORKERS COMPENSATION CLAIMS & GENERAL LIABILITY INSURANCE CLAIMS ARE DIFFERENT:
Unlike many other types of insurance claims, many liability and workers compensation claims can get larger with time. In industry parlance this is called Loss Development as the claim develops over time it tends to get larger as law suits, negotiations, cost of continual medical e.t.c. increase the ultimate insurance carrier payout over time. A property claim for a burned structure does not deviate as much outside perhaps loss to the business income.
Thus we typically refer to both Workers Compensation Insurance & General Liability Insurance as very expensive credit lines that carry a high interest rate, comp especially. Although the carrier pays the loss upfront, the insurance marketplace is very efficient in re-couping the money from the policy holders in the form of premium increases for 4 to 5 years upon each renewal which is essentially a charge back.
THE IMPORTANCE OF DEVELOPING A CLAIMS FOLLOW UP PROCEDURE FOR YOUR SCHOOL OR NON PROFIT:
You wouldn’t hand a stranger your school’s checkbook, sign the blank checks and forget about it! That’s absurd, yet that is exactly what most Non Profit Organizations, Private Schools, and Charter Schools do. That stranger is the claims adjuster.
If you have a set procedure in place of when to follow up , with whom to follow up, and questions to ask you can and will have an outsized impact on the ultimate payout of a claim. In one example our claims staff followed up with a client and asked if there were any alternative duties at their facility their injured worker could perform instead of sitting at home and collecting workers compensation benefits. They assigned this injured workers a file scanning project that enabled the worker to come back, and be productive saving the School close to $67,000 in additional workers compensation costs. This only happened because someone was involved, asked the right questions, and had taken corrective action.
The bottom line is it’s critical that someone in organization have a set follow up procedure in place so they can monitor and effect not just the claim value, but the ultimate cost to your organization.
Download our Free Claims Report Tool for both Workers Compensation & General Liability Insurance. Take back your check book, control and manage your costs as it’s ultimately your hard earned dollars at stake NOT the insurance companies.
There was a study conducted over 25 YEARS (yes years) about the benefits of early childhood education programs. The study was published on June 9th, 2011 by Arthur Reynolds (professor of child development) and Judy Temple (professor at the University of Minnesota). The study ended up with overwhelmingly positive results for early childhood programs. It followed more than 1400 participants, mostly African American. Some of the results for those who participated in these programs are summarized below.
- 28% fewer were incarcerated or jailed
- 9% more completed high school; 19% more males
- 20% more achieved at least a moderate level of socioeconomic status
- 22% fewer had a felony arrest while the difference was 45% for children of high school dropouts
- 28% fewer abused drugs and alcohol
- 19% more carried a level of health insurance coverage
One of the biggest shocks was finding that children who participated in the CPCEP graduated high school on time 55% more than those who did not participate in the program. Lastly, according to this study, the cost benefit analysis of early education resulted in an 18% annual return on investment for society.
What do we take away from this study? That early childhood education is a great investment for society and that not enough money is ending up in these programs. In fact, Only 3% of the $14 billion dollars allocated to school districts under “No Child Left Behind” goes to preschool. That number seems drastically low for a system with such great benefits to society.
For more check out the study in “Science” or the article from the New York Times which was the original source for this piece. If you represent an early childhood education program we appreciate your hard work which is why we make it a priority to protect your efforts. At Metropolitan Risk Advisory we specialize in childcare insurance, day care insurance, nursery school insurance, and non profit insurance in the greater NYC area. Our risk management techniques will protect your children and facility resulting in lower costs which can then be re-deployed on more important things, like teachers & children not insurance premiums!
Commercial day care centers & nursery schools often face difficulties due to the competition from non profit day cares such as churches and after school programs. Their cost structures are better because they can subsidize tuition and enrichment programs through donations from their congregation, grant writing, federal & state subsidies. If you are a Non Profit Nursery School, or Child Day Care Facility, understand that your local competition who cannot subsidize their tuition will try to position their facility through the use of enrichment programs to compete on child experience rather than tuition costs.
To better compete, think about implementing some of the following enrichment programs that can give your school or facilities a value edge :
Foreign Language Classes
Parent Lecture Series
These are just some amenities that will make your program more appealing against your local competition. If you can’t compete on cost, position your program as a well rounded “educational experience” which has more of an emotional pull to parents than cost might.
You can further lower your cost structure and give your facility a competitive edge by implementing risk management techniques which substantially lower your insurance costs , often far less than your peers who don’t have risk management for nursery schools or risk management for day care facilities in place. For more advice contact an advisor today at Metropolitan Risk Advisory. We specialize in the needs of child care and day care facilities. We can also help increase your profit margins with day care insurance and targeted risk management techniques.