No Cost to the Business!
What Is A Workers Comp Premium Audit?
Workers Comp FAQs
If you think that its that “audit” that your insurance company does every year then… you’re wrong. You see, we don’t audit you, we audit the insurance company. We do this by checking technical factors that determine the premium charges that insurance companies make for this coverage.
We’ve helped countless employers across the U.S. to reduce their cost of Workers Compensation insurance by correcting errors in classifications, payroll audits, experience modification factors, and other technical factors. Technical mistakes in these areas are far more common than generally realized, even by many insurance professionals.
We double-check current and past workers’ comp insurance policies, looking for technical mistakes that have caused premiums to be higher than they should be. We then correct those technical mistakes, producing lower current premiums, or a refund back from past policies, or a combination of both. Our review also often produces savings on future policies.
We’ve worked with employers of all sizes and types, ranging from small machine shops on up to large well known companies and we work with clients all over the U.S.
Our review of Workers’ Comp costs has nothing to do with a company’s workers compensation claims–so it doesn’t matter if your company has had a lot of claims, or none at all.
We work on a contingency basis, so there is no charge for our work unless and until we actually produce a refund or reduction. No savings, no charge. And we only earn a fee for the results we produce on the current or past policies. No fee is generated for the future savings due to the corrections we make.
Total time spent by the client is typically an hour at the most during the course of the review. You will only be responsible for executing request for document letters and possible follow up by email or phone to agents/insurance carriers.
Average total recovery is 10-15% of a company’s one year average annual premium. For example, if a company has been paying on an average $100,000 per year in workers’ comp premiums, the average total recovery would be $10,000-$15,000.
An overpayment can go back 5-7 years, however depending on the class codes and some restrictions some recoveries will only go back 3 years.
- Stryde Service Agreement- Provided by your Advisor
- LOA- Provided by your Advisor
- Client Checklist- Provided by your Advisor
- Policy Documents- Provided by you, the Client