Are You Paying Too Much for Workers' Comp Insurance?
Doing business is tough these days. Revenues are harder to grow and maintain, so watching your expenses becomes even more important. Other than payroll, workers’ compensation insurance is one of the largest expenses in many companies. Statistics show that 75% of companies pay more than they should for workers’ comp. Is your company one of these? That’s where we come in. We can help you determine that.
We are not an insurance company sales rep. You don't have to switch your insurance company to save money.
What are we talking about? A Workers’ Compensation Premium Audit.
Why should you have an audit? Our vast experience in this area indicates that as many as 75% of all employers overpay for their WC premiums. Most business owners aren’t aware that they've been overcharged until our independent review is conducted. This is due to the constant changes in the workers' compensation industry including rating bureau rules and regulation changes and policy changes as well as the application of incorrect rates, discounts, classifications, erroneous payroll and audits. In addition, many of our WC refund recoveries are a result of incorrectly calculated experience ratings which are rarely verified by the agent or insurance carrier. In many cases, discounts promised in proposals are not applied on the final audit billing statements.
Why should you use our company? We know where and how to obtain proprietary WC premium information and cost saving rating plans. With over seventy years of combined experience in workers' compensation expense reduction matters, no other review company can compete. We have recovered over $8 million in WC premium overcharges and we have saved clients an additional $5 million in future premium costs. Our services are available to companies in all NCCI rated and independently rated states.
What does it take to qualify? While any company could potentially save money, to be worthwhile, we work with companies that pay at least $50,000 per year in WC premiums.
How does it work? Our consultants with WorkComp Premium Recovery Group will review all aspects of your premium calculations, including, but not limited to, Declaration Pages, Audit Billing Statements, Experience Rating Worksheet Calculations, Loss History Summaries, Auditor’s Worksheets, Premium Payments and Special Rating Plans. Once all the paperwork is received and reviewed, we will provide you with a written report documenting the overcharges, provide the appropriate supporting documents to recover your overcharges and assist you in obtaining your refunds. Our review includes an evaluation of over 40 potential areas of overcharges for each policy period. In addition, our proprietary software is utilized to detect any possible incorrect experience rating or billing miscalculation.
How much does it cost? There is no cost for our confidential review. We are compensated solely on our performance as a percentage of the savings realized by your company. If we don't recover any overcharges for you, we don't get paid! We don't sell insurance. We are an independent and unbiased professional service provider.
