In a previous audio, I mentioned that errors and mistakes occur in the workers’ compensation system, which result in over charges to the employer. In this audio, I would just like to mention one area where that occurs and that is in the premium audit process. I don’t want to suggest that insurance companies purposely overcharge their employers. That’s not what happens. Insurance companies have business challenges just like you and I, and they do the best they can to address those challenges. But one of the biggest challenges they have is to conduct premium audits every single year on all of their clients. And they have to do this, often times, within a certain time limit, a statutory requirement that they have to get it done. So they need to do it fast. They need to get this audits done fast. And we all know what happens when you try to do something too fast. Mistakes occur. The system is designed to do it fast and when those mistakes occur, usually, almost always, the mistakes result in an overcharge to the employer.

The Institute of WorkComp Professionals train and certifies agents to assist them to make sure that they know how, they know the steps to take, to prevent ever getting overcharged on their workers’ compensation premium audit. It is our experience that overcharges occur in approximately 80% of all premium audits. So it’s very likely if you’re listening to this audio and you have a responsibility for the premium audit, the workers’ compensation premium audits in your firm, that you could benefit from learning how to take steps to make certain that you’re never overcharged again. Perhaps, even recover money from previous workers’ compensation premium audits.