Workers’ Compensation Insurance

Workers Compensation insurance is one of the few lines of insurance that has a great opportunity to re-capture lost expense dollars. This can be done through some very SIMPLE changes within your organization.

Most of these SIMPLE changes do not cost anything, or at least pennies to the insurance dollars spent. Every year businesses overpay on workers compensation insurance due to overcharges resulting from incorrect protocols. Some of the most common we have included below:

    • Incorrect payroll audits
    • Improper classifications
    • Not taking all of the eligible deductions from payroll, such as tips and overtime wages
    • Not getting properly charged for uninsured sub contractors (splitting out the materials component of the job and only being charged on the subs labor component)
    • Incorrect experience modification factor calculation that could have a HUGE out sized impact on a business
    • Missing important workers comp credits

Through our SIMPLE process we can perform these critical functions that will re-capture lost critical business capital:

  • Experience Modification Factor Audit

    Next to your credit report this may be the single most critical business statistic for your company. If your Experience Modification Factor becomes too high, you are subject to surcharges, costly administrative penalties, and not to mention an unnecessary drain on your cash flow. You may also lose out on new business opportunities. On most publicly funded projects like Davis Bacon projects, if your Mod is over a 1.20, you CANNOT even bid.

  • Payroll Audit Prep

    We will help your company prepare your Workers Compensation Audits upfront before the carrier arrives. We do this to save you on administration costs, and to be certain that the audit will be done properly on a go forward basis so you know the premium you are being charged is correct. When the carrier completes their audit we verify their numbers reconcile with ours.

  • Comp Check- Premium Recovery Solution

    We can audit back 3 years to ascertain if your business received all of the eligible payroll exclusions you were entitled thus reducing your premium charges in each of the three years. We also verify proper classification codes were used. If we find errors, and most times we do, we will petition the company for a refund of those premium dollars for each year the error occurred as required by NY State Law.

  • If your company is just buying workers compensation and has not gone through a SIMPLE process similar to this, how do you know if you are not being overcharged by your insurance carriers?
  • The error rate on payroll audits and the experience modification factor calculations are in excess of 50%.
  • Call one of our Risk Advisors for a quick consultation and see how our SIMPLE process can recover your money and better position your company to be a leaner and meaner competitor by lowering one of your highest fixed costs.