Are You Being Overcharged for Your Workers’ Comp Premium Because of Common and Costly Mistakes?

Get the information you need to ensure you don’t pay more than you should…

Workers’ Comp is complex.

The regulations are not straightforward. Often confusing. And unintelligible to most with no specialized training, including insurance agents who blindly accept your classifications, premium audit, and Experience Mod Worksheet are accurate and do very little to verify them.

Most agents have little if any training beyond knowing how to take information provided by the company and fill in the forms – and because individuals inside a business who set policy, manage employees, compile data, and hand things off to an agent have no real knowledge of how W/C works…

…Over 50% of the businesses in the U.S. pay W/C premiums that are MUCH HIGHER than they would pay if a trained individual inside their company managed the process.

Premium overpayment is money straight out of your bank account.

Money that could go straight to the bottom line - vaporized by a lack of knowledge.

FOR EXAMPLE, a major landscape contractor with 120 employees and $19 million in annual revenues had an extremely high Experience Mod of 1.39 and yearly premiums in excess of $400,000.

Using information now available to you (more on that coming up), one of our Certified Advisors analyzed this situation and discovered that the Experience Mod was wrong.

The Advisor gathered supporting paperwork to prove the 1.39 Experience Mod was wrong. Upon review, the Workers’ Comp Insurance Rating Bureau agreed - and LOWERED the company’s Experience Mod from 1.39 to 1.0 - and REFUNDED $104,000 in premiums. Witness the power of training applied!

Get The Training You Need Before You Risk Losing Another Dime!

To be clear, I’m not talking about the kindergarten kind of training that teaches how to fill out forms and gives you the secret Help Hotline phone number.

I’m talking about training that puts YOU in control of your Workers’ Comp Premium Review.

The kind of training that makes YOU more knowledgeable and more capable of doing an ACCURATE Premium Review and determining if your Experience Mod is ACCURATE than ANY agent who has not received comparable training.

And few have.

Drawing on experience from conducting over 1200 Experience Mod reviews and on the experience of hundreds of agents we’ve trained who have helped THOUSANDS of clients save well north of A HUNDRED MILLION DOLLARS off the cost of their W/C premiums, the odds are SKY HIGH the data used to determine your current Experience Mod is sprinkled with errors

And those errors may cost you a fortune in premiums that are MUCH higher than need be.

If experience proves anything, it proves.

Not taking responsibility for your Workers’ Comp - and handing off the responsibility for managing it to an insurance company is casting your fate to the wind.

This is NOT the kind of thing a savvy business owner would trust to anyone who was not knowledgeable, trained, skilled, aware of the responsibility, and committed to doing an excellent job. And doing it right the first time.

A Message From Kevin Ring:

Dear Business Owner & Workers’ Comp Decision Maker, Hi, I’m Kevin Ring, Lead Workers’ Comp Analyst with the Institute Of WorkComp Professionals.

If you know who we are, then you know we are the premier Workers’ Comp training company in the U.S. – known for training agents to secure the LOWEST Mod Factor possible so their clients pay the LOWEST premium.

If you are not familiar with us, suffice it to say the training, systems, and processes we provide have resulted in businesses receiving millions of dollars in premium overpayment refunds and saved businesses WELL OVER $100 million in the form of PREMIUM OVERPAYMENT that would have been made without the training.

As an expert who has personally done well over 1200 Experience Mod Reviews, played a role in training agents who have completed thousands of Premium Audits and Experience Mod Reviews, and helped businesses save millions of dollars in the form of LOWER W/C PREMIUMS…

…I assure you, unless the person in your company who handles your Workers’ Comp insurance has gone through our training, or your account is serviced by an agent certified by us as a WorkComp Advisor, odds are sky high you pay MUCH HIGHER W/C premiums than you should.

For example…

An outdoor sign company with fewer than ten employees was paying $18,000 a year in annual premiums. On investigation, we discovered the employees had been misclassified into the highest risk rate category.
After identifying and correcting this misclassification, the annual premium dropped from $18,000 to $6,000, a $12,000 savings per year or a $36,000 savings over three years.

FULL DISCLOSURE: The training, which you’ll learn more about in a minute, was not available to a business like yours at that time.

But had it been – and had the person who handles Workers’ Comp insurance inside the company taken the training – this egregious misclassification would have never been made. And the sky-high premium overpayment, which, like a hole in a bucket, had drained cash out of the company for years, would have never been paid even once.

Not every company saves this much.

Some save far more, like a speech pathologist group that had misclassified 42 people and was paying a fortune in premiums based on the incorrect classification, charging a rate of $2.90. An advisor we trained discovered this serious misclassification. He was able to reclassify the employees to the correct class code, lowering the risk rate from $2.90 down to $0.32 – resulting in a refund of over $30,000 - and a reduction in annual premium from approximately $15,000 down to $1513 – a dramatic change to say the least.

You may ask how a misclassification mistake like this can happen.

Here’s your answer in three parts.

1. Workers’ Compensation is complex and confusing, so much so that without training, the odds of making mistakes are high.
2. Few businesses have any real in-house expertise regarding Workers’ Comp. It is rare for the person to have more than surface knowledge of how the system works. As such, the agent’s review is accepted with few, if any, questions. Premiums are paid based on that review and the resulting Experience Mod.
3. Trusting the agent knows the intricate details of how to reach your minimum Experience Modification Factor… and expecting the agent to be knowledgeable enough to give expert advice on how to pay the lowest premium possible, both now and in the future, costs businesses hundreds of millions of dollars in Workers’ Comp premium overpayment every single year.

Premium Audit Reports are typically NOT ACCURATE. And Experience Mod Reports are often NOT CORRECT.

Why?

Because Workers’ Comp Insurance is typically just one of MANY insurance products your agent provides. And the Jack-of-all-trades is the master of none.

Workers’ Comp is the only insurance over which you have near total control over costs.

But with limited knowledge of a complex system in a high-stakes environment, you are doomed to do your best and hope things work out.

Or you are doomed to blindly follow an agent’s lead, with no knowledge of what questions to ask if your Experience Mod is high - no idea if you are overpaying - and no idea of what may be done to significantly lower your premium. Both are losing strategies.

Now, you may ask…

What can cause errors in a Premium Audit?

What can cause your Experience Mod to be MUCH HIGHER than it needs to be?

Is it really that complicated? What can go wrong?

Causes of errors include…

Not knowing your minimumExperience Modification Factor.
Not knowing how much money you’re wasting by not knowing your minimum Experience Mod and not having processes in place to reach it.
Misclassifying employees.
Injured employees off the job for too long, receiving insurance company money.
Lower productivity and mistakes when an injured employee is off, and others, less experienced, fill in.
Workflow disruptions when an employee is injured.
Poor hiring practices put “injury-prone” persons on the payroll.
Inadequately trained supervisors.
Delays in reporting employee injuries.
Management and employees not understanding Workers’ Comp, such as when injured employees receive the first check when injured, and what you can do about it to swing the odds in your favor.
Slow response by medical providers, claims adjusters, and employers when an injury occurs.
Not being aware of multiple state-to-state differences if your business operates in multiple states.

With knowledge and the proper training, YOU CAN TAKE CONTROL OF YOUR PREMIUM AUDIT and PRACTICALLY DETERMINE YOUR EXPERIENCE MOD. And that may result in a dramatic reduction in your out-of-pocket cost on W/C premiums.

This knowledge and training is available to you now with…

LOCKED & LOADED TRAINING

This training puts you in charge of what may be one of your business's highest-cost items: your Workers’ Compensation Annual Premiums.

This training empowers YOU to take responsibility - and not hand that responsibility over to the often MISTAKE-RIDDLED “FILL IN THE BLANK” BLACK BOX PROCESS agents and insurance companies routinely rely on to determine how big a check you must write to be covered.

Our philosophy is simple.

YOU SHOULD BE IN CONTROL OF YOUR COMPANY’S CHECKBOOK.

And when it comes to Workers’ Comp, the ONLY way for you to be in control of your checkbook is to KNOW HOW THE SYSTEM WORKS – DO YOUR OWN CALCULATIONS and be CERTAIN your job classifications, your Experience Mod and everything else is correct – accurate – verified – and supported, in full, by the regulations.

This training gives you that power.

This training puts YOU in control.

Have Questions?

Call today at 828-274-0959 or click the button below for a consultation!