Reversing Workers Compensation Insurance Mistakes Since 1999
Average Refund: 10-15% of Your Annual Premium
How much money is your business losing?
Workers’ Compensation Rates
How are my Workers' Compensation Rates calculated?
The National Council on Compensation Insurance (NCCI) makes recommended rate changes. They use an intricate formula based on multiple factors. This information is given to the insurance companies and they adjust their rates accordingly.
The insurance companies establish a baseline for each industry. They take your industry code and use information about your company, to calculate your Experience Modification rate (X-Mod, mod factor). Your insurance premium amount is calculated by this formula.
For more information on Experience Modification, click the link.
Why are Workers' Compensation Rates going up?
In many states, large increase are based on several factors:
- Inflated medical costs due to higher than expected claims.
- Court rulings affecting the way injured workers’ claims are calculated.
- Due to the economic crisis, premiums are lower than what is necessary to offset future claims.
The reality of it is, they don't want you to know how badly managed and wasteful these companies are. The insurance companies are already making Billions of dollars from overcharging businesses.
The increased rate changes will only benefit these insurance companies’ profits.
Why are my Workers' Compensation Rates so high?
FACT: 75% of businesses are overcharged for their workers compensation rates.
FACT: Rate and premium calculation errors are frequently made by the insurance companies.
FACT: Insurance companies are not interested in your business, only in collecting premiums.
FACT: Insurance companies consistent mismanagement and careless spending; i.e: AIG bailout
How can I lower my Workers' Compensation Rates?
Your insurance broker has probably suggested ways to lower your Experience Modification (X-Mod). Such as, implementing procedures and training; and creating a “Light Duty Return to Work” program for injured workers.
Unfortunately, these suggestions will take years to reduce workers compensation costs.
Your broker has not informed you about how to recover (refund) over charges from previous years’ policies and to reduce your X-Mod and current premiums.
The most affective way is to have a specialized audit performed by an independent company.
How does it work?
By auditing your insurance policies, with a 40 point evaluation, from the past 7 years we find the errors and submit requests for corrections that entitle you to a refund and a reduction in future premium costs.
We find errors made by the insurance companies 70% of the time.
How much does it cost?
All audits are done on a contingency basis and will not cost you any money up front. If there is NO recovery, there is NO fee.
I am already busy and don't have time.
The amount of time it will take to gather the necessary information is minimal. In most cases, it takes no more than 2 hours of administrative time to start the process.
How much money will I recover?
Historically, our clients have recovered an average of 10-15% of their annual premium.
As an example, let's take a $100,000 a year premium. 15% of that annual premium is $15,000. Multiply it by 7 years and you have $105,000 in savings.
That doesn't even take into account the future savings from lower rates.
Are You Ready to Cash in Your Refund?
