Work Comp Rates Changed, Number 6 on the Top 10 Workers Compensation Audit Mistakes

Workers compensation rates are changed on your audit.

Rates for your workers compensation policy are set at the begining of your policy period. Only under specific circumstances are insurance companies allowed to change your rates during mid term. Specifically, an insurance company must attach an endorsement to your policy which informs you of this potential rate change. At which time the company may be allowed to endorse your active policy to reflect rate changes in the classifications used on your policy.

Rate changes made during the audit process are generally not allowed. The insurance company must have previously endorsed your policy to reflect their rates. So keep on the out look for;

Rate changes showing up on your audit but not on your policy
No previous endorsement to change your workers compensation rates on your active policy.
Rate changes applied during your policy period

An insurance company cannot just change your rates because they feel like it. There are very specific rules they must follow. When these rules are not followed, you may have an incorrect audit.

Keep in mind, an incorrect audit means you are paying more than you should for your workers compensation coverage!

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Work Comp Rates Changed

Number 6 on the top ten list of Workers Compensation Audit Mistakes