Workers Compensation Auditing is a method of recovering monies overpaid by companies on their workers compensation premiums. Workers comp premiums are paid by any entity (company, charity, government body, etc) that has direct employees. There are over 40 components that go into the calculation of premiums. From a statistical standpoint, roughly 80% of all companies have errors in their premium calculations. The average overpayment is 15% of premium and we can audit back for up to 7 years.
Most business owners aren’t aware that they’ve been overcharged until our independent review is conducted. This is due to the constant changes in the workers’ compensation industry including rating bureau (state specific and NCCI) rules and regulation changes, policy changes let alone the application of incorrect rates, discounts, classifications, experience modification calculations, erroneous payroll and audits.
There’s no cost for our confidential workers compensation insurance review. We are compensated solely on our performance as a percentage of the savings realized by your company. If we don’t recover workers’ compensation overcharges for you, we don’t get paid! We are not attempting to sell you insurance nor do we market you to those that do. There are no hidden agendas to our audits.