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Great Premium Audit Follow Up Question From Yesterday

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 A Great Premium Audit Classification Codes Changes Question – Be Careful Here

Earlier this morning,  I received a great follow up question about great premium audit class codes.  Yesterday I posted on how changing classification codes can backfire in certain instances. I received two questions since that asked – Why then should our company even try to review our premium audits or use your services if we are going to end up paying more $$$?

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That is a very fair question. The point I was trying to make about yesterday’s article was that without non-agent professional help, what looks great on paper at the beginning can be a nightmare if all facets of a request for a change in Classification Codes or another factor such as reserves are not fully explored from step one.

When we do premium audits, we run many tests to make sure that at the end of the day, you are not paying more than you were originally billed for your Workers Comp. A full review of your Workers Comp situation results in us writing a report making recommendations on how to proceed with your insurance policy and audits.

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The example that I gave yesterday was actually from a live audit situation that was overnighted to us to see if we could fix the situation. I was attempting to send out a warning to our blog readers to make sure all the numbers have been calculated on every part of their Worker Compensation insurance policies.

As I have posted very often, if you have a gut feeling that your Workers Compensation situation is not quite right, then do pursue that feeling.   Business owners, risk managers, safety officers, and other key company personnel usually know when something seems off in their workers compensation policies and program.  However, please make sure that all angles have been explored before you contact your insurance carrier.

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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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