Are you owed even more?
You are entitled to a copy of the auditor's worksheets used to determine the final premium. Copies are available from your insurance carrier, and you should always review them. The audit is requested, conducted, and reviewed by the insurance company. And, don't think just because you got a refund (or paid a small additional premium) the audit is correct.
How do new rules impact your company?
Rules are constantly changing. On April 1, 1996, the first major rule change since 1980 took effect in the Workers Compensation Manual. In 1998, a major rule change was implemented in the Experience Rating Manual. Many of these rules are overlooked or ignored. Unless your records are maintained according to the rules, you may be paying an inflated premium.
Do you review the manuals on a regular basis to search for ways to reduce your premiums?
The Workers Compensation Manual provides the rules and interpretations for over 700 Basic Classifications. Most businesses never see these rules, and do not know that there are many cost saving strategies available for those who know the loopholes.
Has anyone from the insurance company ever sat down with you to search for mistakes or overcharges going back several years?
Even though your premium was reviewed by your agent, they do not specialize in reducing premiums! They concentrate on providing coverage, and are paid commissions by the insurance carriers for doing so. Honest errors and mistakes create higher premiums.
How would you like to have a former industry insider represent your best interests?
Audits are often questioned or disputed by contacting the carrier directly. Since this is routine business for the insurance company, they know how to "throw rules at you." Unfortunately, they often neglect to reveal the entire rule.
Do you have access to the Rating Manual and experience rating software?
Most businesses receive a free copy of their experience rating worksheet from the NCCI or an independent rating bureau each year. The calculation is based on information supplied by your previous insurance carriers, and can be erroneous or missing key data. One percentage point can make a difference.
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