David Leng, CPCU, CIC, CBWA, CWCA, CRM
Best Selling Author | Speaker | Certified Risk Manager | Certified Work Comp Advisor
Author of #1 International Best Sellers
Laws of Insurance Attraction & Turning Premiums Into Profits
David, I just can't thank you enough to finding and return to us the $27,438 in overcharges from our last two years of audits. I only wished we would have be allowed to go back to the prior years to recover money money. More importantly, you provided us a process so that we can avoid being overcharged in the future by the insurance companies.
— Ralph Kemp, ELK Air Conditioning
When it comes to policy-year audits,
Businesses are being Overcharged!
75% of Premium Audits are INCORRECT according to studies.
– The Institute of WorkComp Professionals
There is more unnecessary money wasted here by employers than anyone will ever realize. The Institute of Work Comp Professionals (IWCP) has compiled data from the Advisors they educate around the country and have found that 75% of all audits are incorrect.
You read this correctly; it is 75%.
With over 600 Classification Codes, over 17 types of payroll that should not be included,
chances are your members' audits contains errors resulting in them being overcharged!
Common Mistakes Made During Workers Compensation Audits
As an auditor has to complete upwards of 6-8 audits a day, the auditor has a process, a map to follow, to reduce the likelihood they miss something. Problem is, this process leads to errors falling in the favor of the insurance company!
A premium audit is unavoidable, it is required so that you pay a premium based on your actual exposures and not estimated exposures, and that the rating bureau receives actuarial data so that they can compile rates.
However, Errors and Overcharges are AVOIDABLE!
To better understand the Auditor's Process download the Auditor's Process Map.
To find out if you have been overcharged, download our Audit Checklist.