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Work Comp Audit – Six Similarities To Home Closing

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A Work Comp Audit vs. Closing On A Home

A Work Comp audit may remind someone of their first or subsequent  home closings.    A list of the similarities follow:

mystery house work comp audit picture
By Roxanna Salceda via Wikimedia Commons
  1. Both are stressful.   Steps that you can take prior to the audit are here.   Think organization from the start. 
  2. Organization is the key  –  Disorganization costs the participants funds.  Excel(r) works in your favor as an organizer for closings and audits.  
  3. The WC policy or house contract represents the framework not the final document.  Many home buyers think the original documents are stamped in stone.   A Workers Comp policy creates the ground rules.   The closing documents  and work comp audit close out the policy/home sale.  Relying on just the original documents for final figures may leave you disappointed. 
  4. You may end up paying more than expected for the policy quote or the home closing fees.   Make sure you understand from where the extra amounts were generated for your final bill. 
  5.  Unexpected occurrences commonly happen.   Your company needs to designate one person to help the premium auditor.   The same goes for a closing – (closing agent or attorney)   
  6. You cannot dispute any figures without the proper documentation.   In fact, you may end up costing yourself more than the original figures.  In both instances, just saying this closing/audit results costs too much only lessens your credibility.   
  7. Bonus – A main difference is that you cannot dispute a closing in most cases.   Premium audits can be disputed with the proper docs – see #6. 

Feel free to use the search box in the top right corner to search the articles for more work comp audit information.

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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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