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

To learn more about the Workers’ Compensation Claim Audit Services please contact one of our Risk Advisors today at: 411risk@chernoffdiamond.com

Sample Client Results