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Workers Compensation Premium Audits – Its That Time Of Year

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Almost The Time Of Year for Workers Compensation Audits

Its that Workers Compensation Premium Audits Time of the year – almost. 

Graphic Of workers compensation Audits Time Of Year And Bar Graph
StockUnlimited

With the largest number of employers renewing on January 1, the number of audits increase dramatically in January and February.  If your Workers Comp policy renewed on 1/1, you should very soon hear from the insurance carrier’s auditor for your 2008 – 2009 policy year.

How do I know this info?  

We receive many calls from employers right after their Workers Comp premium audits and 100% of them are not happy.  That is why we receive calls very heavily in the months of January, February, and March.  The employer has received the Workers Comp audit bill and they do not agree with the results.   If your company is in this situation, what should you do first?

We recommend getting out your original Workers Comp policy and compare it to your audit.  Does it make sense?  Things such as a sharp increase in your payroll may make the audit bill larger than was anticipated.

One big mistake that an employer can make upon receiving an audit bill is to ignore it or just refuse to pay it.  Insurance carriers are now very assertive in cancelling your current policy with just a few days notice for not paying the prior year’s audit bill.  We do not recommend disputing the bill and audit unless there are areas on the audit that are incorrect.

How do you know whether or not your insurance premium audit and bill are correct?  I have posted many blog posts about this situation.  You can use the search box at the top of this blog and search for the word audit.  This should give you a very long list of articles.   If you still are not sure, please email or call me.

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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