WORKERS’ COMP 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’ COMP 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’ COMP 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’ COMP 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’ COMP 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’ COMP 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’ COMP 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