JL_risklogo.png

Workers Comp Audit Stress Reducer
Use It For Your Next Premium Audit

Premium Audit Bill Mistake Made By Employers

Facebook
Twitter
LinkedIn

The Most Common Premium Audit Bill Mistake

Signing a premium audit bill mistake contract Concept
(c) 123rf.com

A devastating premium audit bill mistake occurs when no payment is made by the insured.  The Workers Compensation premium audit bill is one of the most posted subjects in this blog. There are two reasons for the numerous postings.

They are:

  • We receive the highest number of questions on the subject. We received two last night.
  • There is a deadline in which to do something – pay or dispute it

One of the clauses in your insurance contract/policy that appears in the back pages (usually in smaller print) is the subject of the premium disputes. This language is usually mandated by each state’s laws on Workers Comp policies. Each state has its own set of rules on how to properly dispute the bill.

The mistake that some employers and governmental agencies make is to not pay any of the premium audit bills even if part of it is acceptable. All Workers Comp policies have a clause that reads similar to – You (the company) must pay any undisputed premiums before raising any disputes with (your insurance carrier).

You would owe the expense constant charge regardless of any dispute.

Man Looking To Premium Audit Bill Mistake From Woman
StockUnlimited

I realize that may not be the exact contract language in your policy. The example is very generic. The concern is to know what part of the premium audit bill should not be disputed. As I have posted very often, once you pay your audit bill in full, you obviously lose some leverage.

I have written on handling the premium audit bill very often Check out this post on premium audit bills and this one. You can also use the search box halfway down the page on the right to search.

©J&L Risk Management Inc Copyright Notice

Facebook
Twitter
LinkedIn

Related...

James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management 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

Subscribe

Get the latest workers' comp news FREE!

Name
This field is for validation purposes and should be left unchanged.