Your Insurance Carrier Never Overcharges You
It should be reasonable to assume that your insurance carrier assures that your premium is not more than it should be. After all, they made promises to you. Those promises are contained in the policy you purchased. Those promises include complying with the federal and state laws and rules that govern your policy. But … Who ever checks the insurance company?
We’ve conducted approximately 20,000 compliance audits on workers’ compensation policies. Our results show that many carrier errors and overcharges go undetected until a compliance audit is performed.
Why? There are many federal and state rules and laws that govern workers’ compensation insurance. And, many times these rules vary from state to state. This variability leaves a lot of room for error. It is the insurance company’s responsibility to conduct business within the laws of each state in which they do business. They are licensed for just that reason. After all, commercial insurance laws are designed to protect business from unethical behavior by those selling or placing insurance. Wouldn’t it be a prudent business practice to assure these laws are complied with?
If you still doubt that insurance carriers don’t catch their own mistakes, or look for ways to find their mistakes, ask yourself: What motivation does an insurance company have to conduct compliance audits for each of their customers?
If you pay in excess of $100,000 in annual workers’ compensation premium for a guaranteed cost or loss sensitive program, there is a very high probability that you’ve overpaid your premiums. If you have, you may qualify for our contingent fee program. We also offer hourly and flat fee programs.
