Why conduct a Workers Compensation Premium Audit?
Simply because you never know what we’ll find! If your company spends over $50,000 a year in workers compensation premiums, you need the perspective of an unbiased, independent review.
Here is what you can expect from our review process:
- Refund of overpaid premiums from the past 7 years!
- Workers compensation expense reduction WITHOUT changing your broker or insurance provider!
- Non-intrusive audit process! No site visit required!
- We do all the work including remote data collection! Takes only a few minutes of the clients’ time!
- Very different than the annual audit performed by your insurance company, or State Board!
- Independent auditors with over 20 years of experience! We work for you (not the insurance company or broker)!
- 70% success rate!
- Contingency based fee! We only get paid if we successfully get you a refund; otherwise, our experts review your expense for FREE!
Since workers compensation can be a significant expense for small and mid-size businesses, here is a common theme we often encounter:
– Many businesses shop around for the lowest priced insurance policy every few years
– Insurance provider sends out an auditor to conduct annual audits
– These payroll audits sometimes result in a refund
Therefore, business leaders often mistakenly assume they are getting the best possible rate on their workers compensation premiums, and fail to take any additional steps to further scrutinize this expense. Our team of analysts have been auditing workers compensation premiums for over 20 years, and our vast experience indicates that approximately 70% of all employers have overpaid, or are currently overpaying on their workers’ compensation costs!
The Hidden Problem:
The system that determines your premiums is complicated and involves many stakeholders 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 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 payroll audit.
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.
We are familiar with individual states 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 Unique Service:
We are not affiliated with any insurance company, or broker. So, you are getting a truly independent, un-biased review, and you don’t have to worry about us trying to up-sell you insurance!
Our expert analysts will meticulously dig into every detail of your workers compensation premiums for the past 7 years. So, you are not only lowering expenses going forward, but getting a refund on past overcharges!
We conduct our audits in a manner that hardly takes any time or effort on your part. We do all the work behind the scenes, and you receive a refund check from your insurance provider!
We service businesses in all states, except for ND, OH, WA, and WY!
Best of all, our service is based solely on a contingency fee basis, so you don’t pay a dime unless we get you your money back!
Contact us today to receive a FREE assessment of your workers compensation premiums!
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