As an independent workers compensation consultant we work with our clients to discover errors in their workers compensation policy. We can help you if you believe there is an error or mistake in the way your policy was written or issued. Below is an example of how we helped one of our clients where an undiscovered error in their policy caused their business to suffer a large loss of funds over time.
A Recent Case Study:
This is a recent case study we were involved in where a simple undiscovered error on this clients workers compensation policy produced a very large additional expense.
Here's the facts in this case:
A masonry contractor
In business for 10 years
Same insurance agent for 8 years
Changed to new agent 2 years ago
Both agents are known for their knowlege and good community reputation
Company annual payroll $750,000 with an average hourly pay rate of $26
Workers Compensation Premium $60,000
Upon review of their workers compensation policy it was discovered that NO CCPAP (contractors credit premium adjustment program) credit was EVER applied. This clients original agent of 8 years or the new agent of 2 years did not catch this large mistake! After we applied the proper credit it was determined this undiscovered mistake amounted to an annual error of about 25% or $15,000!
NOT JUST THE CURRENT YEAR.....BUT FOR AS LONG AS THEY HAVE BEEN IN BUSINESS! We conservatively estimated this company lost over $111,500 in the past 10 years!