Why a Workers Comp Audit?
You need the perspective of an unbiased, independent review of your workers’ compensation premiums.
Our vast experience in the workers’ compensation premium matters indicates that approximately 70% of all employers have overpaid or are currently overpaying on their Workers’ Compensation premium costs. The system that determines your premiums is extremely complicated involving many entities including rating bureaus, insurance company underwriters and insurance agents. For example, when it comes to establishing appropriate classifications with hundreds of unique business classifications, there is a significant opportunity for a lower-rated classification as they are typically determined by insurance company underwriters and rating bureaus while agents have limited control of the classifications applied.
The payroll auditor that performs the annual payroll audit is either an employee of the insurance carrier or is contracted by the insurance carrier to conduct the audit. The auditor is not there to determine if you’ve been overcharged.
In addition, many of our workers’ compensation premium recoveries are a result of incorrectly calculated experience ratings or the erroneous application of experience ratings. Often times discounts initially indicated in the policy are not applied on the final audits.
Our team is familiar with individual state insurance statutes along with rating bureau rules and regulations that affect how your workers’ compensation premiums are computed. Last but not least, there is an inherent conflict between the agent or broker’s role to reduce premium costs and the commissions earned on a workers’ compensation policy.
Our service is based solely on a contingency fee basis and is available to companies in nationwide except for ND, OH, WA & WY.
Unmatched Expertise & Knowledge…
Our team has recovered substantial refunds from many different workers’ compensation insurance companies. With over 70 years of combined experience in workers’ compensation premium reduction matters, no other review company can compete.
They have recovered over $25 million in workers’ compensation premium overcharges and saved clients an additional $5 million in future workers’ compensation premium costs.
Our workers’ compensation review includes an evaluation of over forty (40) potential areas of overcharges for each policy period including classifications, experience ratings, payroll audits in addition to other technical issues that mistakenly increase your premiums.
Industries we have assisted include auto dealerships, casinos, construction, health care, oil and gas, manufacturing, hospitality, restaurants, municipalities, landscaping, retail, temporary staffing, transportation and warehousing.