SIC Codes For Possibly Overcharged Employers
I have been asked many times which employers seem to be overcharged more than others – by SIC Codes , State, Size, Insurance Carrier, Type of Premium Audit, etc.
After looking back through our premium audit reviews that we perform for employers, I have been able to find no certain companies, states, size of employers, insurance carrier, type of premium audit, type of policy or anything else that would exemplify an overcharged employer. Employers that experience premium overcharges cover the spectrum of employer types.
The premium auditor and the premium audit process are more subjective processes than objective. If they were objective processes, I could easily statistically forecast which type of employers or Workers Comp insurance situation would indicate a high degree of likelihood of premium overcharges. Premium auditors register their opinions on a premium audit. It is not stamped in stone.
Most of the time when we find overcharges are actually when the employers call us and have a gut feeling that something is wrong. In my speeches/presentations, I always point out more than once that employers know when something is wrong. It is your business as no one knows it better than you do – no consultant, tax advisor, and so forth.
If you feel there is something wrong with your Workers Compensation insurance program and are not sure what to do next, please feel free to search this blog for help. There are almost 275 posts on how to save on Workers Comp. If you need further information, please click on the Contact Us tab.
Update – Even as of 2018, no conclusions can be drawn to show that certain company types are overcharged workers compensation premiums. This conclusion hold true even when examining employers or employer groups by their respective SIC codes.
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