Your Employees do a Great Job
We love to work for companies that do everything they can when administering their workers’ compensation program because they are great companies. The key phrase is they “do everything they can.” Sadly, you can do everything right – everything – and still overpay your premium. And, you will never know. The fact that you aggressively administer your workers’ compensation program will have no impact on factors you don’t control – such as insurance company reporting. And, who checks that?
If you pay more than $100,000 in premium for a guaranteed cost plan or loss sensitive plan, our experience says there is a high probability that you’ve overpaid your workers’ compensation premiums during the last several years regardless of your commendable efforts.
Workers’ compensation insurance is highly regulated. There are federal and state laws and rules. And, there are standard rules that individual states may take exception to. Therefore, significant variability exists between various states law and rules. This variability leaves much room for insurance company error – but – who ever checks?
The promises your insurance carrier makes to you are contained in your policy (which is a contract between you and the insurance company). In their contract with you, the insurance company promises to abide by the laws and rules of the states you do business in. The insurance company makes these promises in exchange for the premiums you pay. Therefore, you have a right to expect that the insurance company’s promises are honored just as the insurance company has every right to expect payment of the premium. You should expect that your premium is calculated as the insurance company promised – in accordance with the applicable rules that govern the state(s) you do business in.
We are a highly qualified and experienced compliance auditing firm specializing in workers’ compensation. We can get your money back for you while optimizing your experience modification factor. If you pay in excess of $100,000 in annual premium for a guaranteed cost or loss sensitive plan, you may qualify for our contingent fee program. We also offer hourly and flat fee programs.
