Workers Compensation Audit
70 % of all Employers have Overpaid on their Workers’ Compensation Premium costs. 7 out of 10 Reviews Lead to Some sort of RecoveryMany times the employee classification relative to workers compensation insurance is incomplete or simply wrong. Many employees, based on their various daily functions may or should carry different or multiple classifications, but don’t. These errors cost American employers millions of dollars annually.
- Through our study we evaluate issued workers compensation insurance policies and the work product of those involved in creating and issuing such policies. We work with companies paying on average $40,000 or more per year in premiums. Audits can be conducted in all states with the exception of the monopolistic states (WA, WY, ND & OH).
- By comparing the policy content to the source documentation used to determine the policy premium, the premium audit review process determines the correct amount of premium that each policyholder is, or should have been, required to pay.
- Contingent upon our findings, the business owner may be entitled to refunds of over expenditures for up to the last 7 years of premiums.
- An additional realized benefit, will be annual savings going forward as a result of the corrections being made.
- In excess of 70% of all businesses are being overcharged.
Workers Compensation Audit Frequently Asked Questions
How much time will I personally spend on the review?
Total time spent by the client is typically an hour at the most during the course of the review. Client will be responsible for executing request for document letters and possible follow up by email or phone to agents/insurance carriers.
Average Recovery?
Average total recovery is 10-115% of a company’s one year average annual premium. For example, if a company has been paying on an average $100,000 per year in Workers’ comp premiums, the average total recovery would be $10,000-$15,000.
How far back will a review go?
We do not sell insurance. We want you to keep your relationship with your current carrier. This is simply an audit review that will either lead to some sort of recovery of funds for errors that were found OR you will receive a free audit to know that everything has been done correctly. 7/10 reviews lead to some sort of recovery.
Do I have to switch my Insurance Provider?
We do not sell insurance. We want you to keep your relationship with your current carrier. This is simply an audit review that will either lead to some sort of recovery of funds for errors that were found OR you will receive a free audit to know that everything has been done correctly. 7/10 reviews lead to some sort of recovery.