Top 10 List of Work Comp Audit Errors
- Associations & Sponsor Groups
- All Employers
- Chamber of Commerce
- Contractors
- Manufacturers
- Distributors
- Precision Machine Shops
- Transportation
- Processing & Assembly
- Hospitals
- Not for Profits
Are You Overcharged for Workers Compensation?
Workers Compensation Credits Removed From Audit
Number 4 on the top ten list of Workers Compensation Audit Mistakes
- What happens when workers compensation premium credits or modifiers are removed on your audit?
- When your workers compensation premium is calculated and your deposit premium is determined your policy may qualify for certain premium credits. These credits would be applied to your premium thus reducing the amount you pay for your workers comp insurance.
- It is not uncommon that premium credits or premium modifiers are mistakenly removed when your audit premium is calculated by the insurance company. Wether removed in error or not this action will result in an incorrect work comp premium audit.
- Here's are a few premium credits that may be used in computing your work comp premium calculation;
- Large Premium Discount
- Schedule Credits
- Deductible Credits
- State Specific Credits
- Premium credits can make a significant impact on your total workers compensation cost. If credits you've earned are removed from your audit premium calculation, your audit will be wrong and you will pay more than you should.
- Don't forget, many audits are incorrect. Mistakes and errors are constantly made!
- When your workers compensation premium is calculated and your deposit premium is determined your policy may qualify for certain premium credits. These credits would be applied to your premium thus reducing the amount you pay for your workers comp insurance.
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