A secure, efficient, and fast workers’ compensation loss control process to obtain refunds and reduce future premiums.
WORKERS’ COMPENSATION CLAIM AUDIT PROGRAM HIGHLIGHTS
- Corrects Claim Data, Payroll Classifications, and State Tax Charges Used to Calculate Policy Premiums
- Fast Turnaround – Process is Completed in About 90 Days
- Risk-Free Performance-Based Fees
- No Disruption to Existing Relationships or Coverage
- Client Paperwork Takes About 15 Minutes
QUALIFICATIONS FOR WORKERS’ COMPENSATION CLAIM AUDIT PROGRAM
- Clients’ Annual Workers’ Comp Premium is $150,000 or more
- Experience Modification Rating Factor has Increased
- Operations Have Expanded into New States
- Recently Left a Workers’ Compensation Trust, Employee Leasing Relationship, or Self-Insured Fund
- Changes in the Ownership of the Business and/or Changes to the Business Operation
- Excessive Claims Activity
- Mergers Within the Last Three Years
BENEFITS OF WORKERS’ COMPENSATION CLAIM AUDITS
- In Most Cases, Workers’ Comp Audits Help Clients with Workers’ Compensation Loss Control to:
- Secure Premium Refunds
- Reduce Future Premiums
- All Services Are Contingency Based – NO FEES Unless We Secure a Refund
- Minimally Invasive Process – 10 Minutes for Client to Complete Paperwork
- No Risk Involved – Process has NO Detrimental Effect with Insurance Carriers
- All Work Handled by ‘Best-in-Class’ Risk Professionals
WORKERS’ COMPENSATION CLAIM AUDIT PHASE 1
Preparation & Documentation
- Provide Authorization to Obtain Information Necessary to Complete the Audit
- The Authorization Does Not Affect Client’s Existing Coverage or Broker Relationship
- Client Provides Information on the Current Policy along with any Deductibles, Dividend Plan, or Retrospective Adjustments
WORKERS’ COMPENSATION CLAIM AUDIT PHASE 2
Review Policy Rating Data
- Review Claim Data Directly with the Insurance Carriers
- Review Rating Classifications and Other Data Used to Calculate Premiums Directly with the Insurance Carriers
- Submit Adjustments to National Rating Organizations
WORKERS’ COMPENSATION CLAIM AUDIT PHASE 3
Apply for Refunds & Adjustments for Future Policy Terms
- Revised Experience Modification Information and Rating Data is Submitted to the Carriers
- Final Refunds and Adjustments Are Calculated
WORKERS’ COMPENSATION CLAIM AUDIT PHASE 4
Refunds & Final Adjustments Issued
- Refunds are Issued
- Fee Is Based Only on the Amount Received
- Future Policies Will Reflect the Corrected Data and Workers’ Compensation Insurance Premiums will be Reduced
- No Fee for Future Savings
I HAVE ADDITIONAL QUESTIONS; WHERE CAN I GET MORE INFORMATION?
For more information on Workers’ Compensation Claim Audit Services, please visit our Workers’ Comp Claim FAQs page. You may also contact one of our Risk Advisors today at 516-683-6100 or by email at 411Risk@ChernoffDiamond.com
Sample Client Results
Nursing Home & Assisted Living Centers
Client Operates 60 facilities in 9 states.
Workers’ Comp Premium Refund:
$500,000.
Hotel Management Company
Client thought they had the appropriate safeguards in place and mods were correct.
Workers’ Comp Premium Refund:
$300,000.
Security Company
Client retained us to find out if they were overpaying for workers’ compensation.
Workers’ Comp Premium Refund:
$148,000.
Elevator Repair Company
Client retained us to find out if their experience mods and premiums were correct.
Workers’ Comp Premium Refund:
$147,000.
Rehabilitation Center
Workers’ comp premiums were increasing and client needed to reduce costs.
Workers’ Comp Premium Refund:
$135,000.
Ambulance/EMS Company
Client is always concerned that their mods are correct, our audit lowered them.
Workers’ Comp Premium Refund:
$124,000.
Food Distributor
Client curious about costs, our audit reduced premiums and generated a refund.
Workers’ Comp Premium Refund:
$106,000.
Dairy Plant
Client retained us to find out if they were overpaying for workers’ compensation.
Workers’ Comp Premium Refund:
$65,000.
Fruit & Vegetable Wholesaler
Client wanted to conduct audit to see if they were overpaying their broker.
Workers’ Comp Premium Refund:
$54,000.
Cement Company
Unhappy with their former broker the client requested an experience mod review.
Workers’ Comp Premium Refund:
$32,000.
School Bus Company
Client retained us to find out if their experience mods and premiums were correct.
Workers’ Comp Premium Refund:
$30,000.
School District
Looking to reduce operating costs, we conducted an experience mod review.
Workers’ Comp Premium Refund:
$28,000.
