Premium Recovery

A mistake in your payment of workers' compensation premiums can adversely affect your company's bottom line. If you suspect a discrepancy was made, we will conduct an audit error recovery. Payroll verification is another way we determine if there are any errors in your payment of premiums.

Classification Verification
Payroll Verification

Claim Reserve Verification
Experience Mod Correction

Recover Premium Overcharges

Warning: Insurance Companies Make Errors in Insurance Premium Audits Every Day. Can You Afford to Pay The Price?

Over 50% of all workers' compensation audits and experience modifications are incorrect, costing U.S. corporations millions of dollars each year;
The payroll used in your workers' compensation audit is NOT the same payroll used for payroll accounting purposes (there are many items that may be deducted, saving your company thousands of dollars each year);
Your insurance company is required to immediately return auditor errors to you (but you must find the errors);
Errors that occur in your workers' compensation premium carry forward to your experience modification, adding extra costs to your bottom line.

Our premium audit error recovery services are carefully designed to quickly find and return premium errors to you fast, plus make sure they never happen again. Here how it works:

We Will Verify the Correctness of Your Workers' Compensation Classifications
If you have been renewing your program year after year without anyone validating your classification codes, then you could be paying unnecessary premium dollars every year. As part of our service we will determine the correct classifications and educate you on how to revise your payroll accounting procedures to take full advantage of the classification rules that apply to your business.
We Will Verify the Correctness of Your Workers' Compensation Payrolls
Frequently, your premium auditor will incorrectly apply auditing rules to your payrolls. There are many potential deductions that may be available to you and, if overlooked, could cost you thousands of premium dollars. Not only will these premium overcharges impact your current policy, they will be carried forward for several years through your workers' compensation experience modification. We will review the method used to determine your payrolls in prior premium audits and, where possible, show you how to correct any errors found.
We Will Review All Your Open Workers' Compensation Claims for Accuracy
Insurance companies are notorious for posting high claim reserves. Frequently, this is due to their failure to make reserve adjustments prior to the time your workers' compensation experience modification is calculated. This timing difference can be very costly to you. We will review all open claims to verify that the information used by the adjuster in posting reserves is consistent with the current facts in the claim. We will also provide valuable resources to help you take greater control of your workers' compensation claims moving forward. This claim review alone can save you significant premium dollars.
We Verify the Accuracy of Your Workers' Compensation Experience Mod
Based upon your workers' compensation classifications, payrolls, and worker-injury claims, your workers' compensation experience modification is calculated. The complex calculations that go into your experience modification often create costly errors that will carry forward for several years. We will validate the accuracy of your experience modification for the current and prior policy years and provide a projection for the future years for planning purposes. We will also provide a written report that will take the mystery out of your workers' compensation experience modification and provide Injury Prevention and Claim Management recommendations to you reduce it to the lowest level possible.

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