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Expectations

Are your employees and/or insurance agents assuring the accuracy of your premiums?

Many companies believe that their employees are assuring that their premiums are correct. I must warn you that if you expect your employees to assure that you aren’t overpaying your premiums- you are expecting too much.

Your staff is likely doing everything in their power to assure that you aren’t overpaying – but trying isn’t enough. Your employees who are responsible for monitoring your workers’ compensation costs aren’t trained auditors anymore than they are trained attorneys or CPAs. If employees were capable of getting the job done, we wouldn’t have recovered millions of dollars for our clients and our probability of recovery wouldn’t be over 70% in many categories. In addition to exceptional recovery rates, our recoveries are significant. It is not uncommon for our identified recoveries to exceed $100,000.

Many companies understand that their employees can’t be expected to assure that they aren’t overpaying premiums but they do expect their insurance agent or broker to be the watchdog. Again, I must warn you that if you expect your insurance agent to recover overpaid premiums – you are expecting too much.

Your insurance agent is also likely doing everything in his or her power to assure that you aren’t overpaying – but agents aren’t trained auditors anymore than your employees are. If agents did what we do, would some of the best agencies and brokerage houses introduce us to their clients? Would our recovery rates be as high as they are regardless of agent involvement?

In some cases, employees or agents don’t want us to do the audit. Is it because they truly believe that they are able to do what we do? Is it because they are concerned that we will recover money and by doing so make them look bad?

I must leave the answers to the questions posed in the previous paragraph to you. However, I can tell you that if you pay more than $100,000 in workers’ compensation insurance premium, have experience modification factors above 1.00, and are on a fully guaranteed cost plan, the probability that we will recover money for you exceeds 70%. This fact is true regardless of the involvement of your employees or your insurance agent. If you have credit mod factors, the probability of recovery is also very high.

If you still believe that your staff and/or agent is assuring that you aren’t overpaying your premiums, please give us a call we’ll explain why it is next to impossible for anyone other than a trained auditor – who is expert in the national rules and who is current in state exceptions – to effectively audit premiums.

Please feel free to contact us with any questions or concerns you may have at savings@synergeticsolutions.com or toll free at 800-758-2941.