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Home / Services / Risk Management Consulting / Workers’ Comp Audit Services

Workers’ Comp Audit Services

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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.


Sample Client Results

HEALTHCARE


security

Nursing Home & Assisted Living Centers

Client Operates 60 facilities in 9 states.

Workers’ Comp Premium Refund:

$500,000.

HOSPITALITY


security

Hotel Management Company

Client thought they had the appropriate safeguards in place and mods were correct.

Workers’ Comp Premium Refund:

$300,000.

INVESTIGATION SERVICES


security

Security Company

Client retained us to find out if they were overpaying for workers’ compensation.

Workers’ Comp Premium Refund:

$148,000.

COMMERCIAL SERVICES


commercial_services-elevator_repair

Elevator Repair Company

Client retained us to find out if their experience mods and premiums were correct.

Workers’ Comp Premium Refund:

$147,000.

HEALTHCARE


rehab

Rehabilitation Center

Workers’ comp premiums were increasing and client needed to reduce costs.

Workers’ Comp Premium Refund:

$135,000.

MEDICAL


Ambulance/EMS Company

Client is always concerned that their mods are correct, our audit lowered them.

Workers’ Comp Premium Refund:

$124,000.

medical_ambulance_co

TRANSPORTATION


transportation-food-distributor

Food Distributor

Client curious about costs, our audit reduced premiums and generated a refund.

Workers’ Comp Premium Refund:

$106,000.

MANUFACTURING


dairy_plant

Dairy Plant

Client retained us to find out if they were overpaying for workers’ compensation.

Workers’ Comp Premium Refund:

$65,000.

WHOLESALE-RETAIL


wholesaler-fruit-vegetables

Fruit & Vegetable Wholesaler

Client wanted to conduct audit to see if they were overpaying their broker.

Workers’ Comp Premium Refund:

$54,000.

CONSTRUCTION


construction

Cement Company

Unhappy with their former broker the client requested an experience mod review.

Workers’ Comp Premium Refund:

$32,000.

TRANSPORTATION


school-bus

School Bus Company

Client retained us to find out if their experience mods and premiums were correct.

Workers’ Comp Premium Refund:

$30,000.

EDUCATION


school_district-2

School District

Looking to reduce operating costs, we conducted an experience mod review.

Workers’ Comp Premium Refund:

$28,000.

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PRACTICE LEADERS
Aronson_Michael_SM MICHAEL A. ARONSON
Kimberly_Cheung_SM KIMBERLY CHEUNG

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Phone: 516-683-6100
Fax: 516-683-6163
725 RXR Plaza – East Tower
Uniondale, New York 11556
725 RXR Plaza – East Tower
Uniondale, New York 11556
Phone: 516-683-6100
Fax: 516-683-6163
2618197.1

725 RXR Plaza - East Tower
Uniondale, New York 11556
516-683-6100


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Chernoff Diamond and their registered representatives are currently licensed to sell variable life and annuity products, as well as other securities products, in the states of California (#0782382, #0A04009), Connecticut, Florida, Georgia, Kentucky, Maryland, Massachusetts, New Jersey, New York, North Carolina, South Carolina and Virginia (#3078822.1). Residents of other states should consult with a local registered representative for securities products.

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Securities offered through M Holdings Securities, Inc., A Registered Broker/Dealer, Member FINRA / SIPC. Check the background of this Firm and/or investment professional on FINRA's BrokerCheck. Chernoff Diamond is a division of USI and is independently owned and operated. Chernoff Diamond is a member of the M Financial Group. Please visit mfin.com/DisclosureStatement.htm for further details involving this relationship. For important information related to M Securities, refer to the M Securities’ Client Relationship Summary (Form CRS) by navigating to https://mfin.com/m-securities. 3078822.1

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