Contingency-fee (cost free), comprehensive, workers' compensation insurance premium audit.
We would charge an hourly fee to review other lines of insurance, but not work comp. Errors that lead to overcharges on work comp are numerous enough that we can work afford to work on contingency and simply bill a percentage of refunds .
A Premium Audit reviews every element that contributes to the final premium bill on your current and prior 3 (sometimes more) policies:
NCCI rule compliance
State rule and reg compliance
Contractor's credit calculations
You will not receive an invoice from us until you have received a refund check or credit to your payment plan.
Even if you think you are only interested in assistance reviewing your experience modification rate, it is important that your consultant go through this process anyway. If you are being advised elsewhere that it's not necessary to have a comprehensive audit to determine the accuracy of your experience mod, we strongly disagree.
Your experience mod is a valuation of your actual losses measured against expected losses. Actual losses are obtained from your loss runs, and errors in claims reporting and rule compliance can and do occur. However, expected losses are determined by the classification codes assigned to your employees and work comp payroll. Your insurance carrier determines both of these. If errors are made in the proper classification of your workers and/or ensuring you are receiving all of the work comp related payroll credits and deductions to which you are entitled, your experience modification rate is wrong.
Furthermore, there may be numerous other ideas, services, etc. from which you could benefit. However, we can't make any informed recommendations about, say, cost-containment services before having a thorough understanding of your operations, claim trends or tendencies, etc. A premium audit helps us develop this comprehensive understanding of your unique circumstances.
In addition to saving money and obtaining refunded overpayments from a premium audit, other cost saving opportunities can and do arise from a premium audit.
COVID-19 Related Issues
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Experience Modification Rate issues described in this article are not unique to any one workers' compensation insurance carrier. They happen all the time. That is why it's a good idea to have some due diligence performed from time to time by an independent auditor.