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Premium Audit Bill – D-Day Is Date You Receive It

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D-Day – Premium Audit Bill Deadlines 

Why would I post that this is premium audit D-Day? A majority of our clients renewed on 1/1/11. January 1 is still the date that a majority of companies renew their Workers Comp policies. 

Showing D-Day calendar
Wikimedia Commons – Photos Public Domain

The premium audit cycle is that an insurance company premium auditor will have visited the companies renewing on 1/1 to audit the payroll for 2010. As with most of our clients, the auditor visited the employer in January or February.

An audit bill was then published along with the reasons for the increase in premiums. The bill, if not paid, has likely sat for about 3o days and the insurance carrier is now starting to turn up the heat to get the bill paid. This is when we receive urgent calls for assistance.

What do you do? The three WORST things to do are:

  • File the bill away and ignore it
  • Pay the bill without even reviewing how the auditor arrived at the numbers
  • Start a “shell” dispute just to buy more time
Several D-Day files
Wikimedia Commons – Tony Webster

As a minimum, the auditor’s numbers should be reviewed heavily to make sure your company is in agreement with them. If there are any questions on the numbers, all questions should be made in writing to the auditor. Sometimes, the policy or audit bill will give you a different person to contact if you have questions.

I do not recommend calling as email provides you with a paper trail of documentation if your questions are turned into a valid dispute.

If you ever feel you are in over your head with all these numbers and rules, it may save your company time and money to contact a non-agent professional for assistance. That is a shameless plug for our company.

If the questions you have sent are not answered timely, then you could raise a dispute on paying the premium audit bill until your questions are answered.

©J&L Risk Management Inc Copyright Notice

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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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