Workers’ Compensation Claim Audit Services

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A SECURE, EFFICIENT, FAST PROCESS TO OBTAIN REFUNDS & REDUCE FUTURE PREMIUMS.

PROGRAM HIGHLIGHTS

  • Corrects Claim Data, Payroll Classifications, and State Tax Charges Used to Calculate Policy Premiums
  • Fast Turnaround – Process is Completed in About 90 Days
  • Risk-Free Performance-Based Fees
  • No Disruption to Existing Relationships or Coverage
  • Client Paperwork Takes About 15 Minutes

 

QUALIFICATIONS

  • Client’s Annual Workers’ Comp Premium is $150,000 or more
  • Experience Modification Rating Factor has Increased
  • Operations Have Expanded into New States
  • Recently Left a Workers’ Compensation Trust, Employee Leasing Relationship, or Self-Insured Fund
  • Changes in the Ownership of the Business and/or Changes to the Business Operation
  • Excessive Claims Activity
  • Mergers Within the Last Three Years

 

BENEFITS

  • In Most Cases, Workers’ Comp Audits Help Clients:
    • Secure Premium Refunds
    • Reduce Future Premiums
  • All Services are Contingency Based – NO FEES Unless We Secure a Refund
  • Minimally Invasive Process – 10 Minutes for Client to Complete Paperwork
  • No Risk Involved – Process has NO Detrimental Effect with Carriers
  • All Work Handled by ‘Best in Class’ Risk Professionals

 

PHASE 1

Preparation & Documentation

  • Provide Authorization to Obtain Information Necessary to Complete the Audit
  • The Authorization Does Not Affect Client’s Existing Coverage or Broker Relationship
  • Client Provides Information on the Current Policy along with any Deductibles, Dividend Plan, or Retrospective Adjustments

 

PHASE 2

Review Policy Rating Data

  • Review Claim Data Directly with the Insurance Carriers
  • Review Rating Classifications and Other Data Used to Calculate Premiums Directly with the Insurance Carriers
  • Submit Adjustments to National Rating Organizations

 

PHASE 3

Apply for Refunds & Adjustments for Future Policy Terms

  • Revised Experience Modification Information and Rating Data is Submitted to the Carriers
  • Final Refunds and Adjustments are Calculated

 

PHASE 4

Refunds & Final Adjustments Issued

  • Refunds are Issued
  • Fee Is Based Only on the Amount Received
  • Future Policies will Reflect the Corrected Data and Premiums will be Reduced
  • No Fee for Future Savings

WORKER’S COMP SAMPLE CLIENT RESULTS

INDUSTRY RESULTS
HEALTHCARE NURSING HOME & ASSISTED LIVING CENTERS
Client Operates 60 facilities in 9 states.
Workers’ Comp Premium Refund:
$500,000.
HOSPITALITY HOTEL MANAGEMENT COMPANY
Client thought they had the appropriate safeguards in place and mods were correct.
Workers’ Comp Premium Refund:
$300,000.
INVESTIGATION SERVICES SECURITY COMPANY
Client retained us to find out if they were overpaying for workers’ compensation.
Workers’ Comp Premium Refund:
$148,000.
COMMERCIAL SERVICES ELEVATOR REPAIR COMPANY
Client retained us to find out if their experience mods and premiums were correct.
Workers’ Comp Premium Refund:
$147,000.
HEALTHCARE REHABILITATION CENTER
Workers’ comp premiums were increasing and client needed to reduce costs.
Workers’ Comp Premium Refund:
$135,000.
MEDICAL AMBULANCE/EMS COMPANY
Client is always concerned that their mods are correct, our audit lowered them.
Workers’ Comp Premium Refund:
$124,000.
TRANSPORTATION FOOD DISTRIBUTOR
Client curious about costs, our audit reduced premiums and generated a refund.
Workers’ Comp Premium Refund:
$106,000.
MANUFACTURING DAIRY PLANT
Client retained us to find out if they were overpaying for workers’ compensation.
Workers’ Comp Premium Refund:
$65,000.
WHOLESALE-RETAIL FRUIT & VEGETABLE WHOLESALER
Client wanted to conduct audit to see if they were overpaying their broker.
Workers’ Comp Premium Refund:
$54,000.
CONSTRUCTION CEMENT COMPANY
Unhappy with their prior broker the client requested an experience mod review.
Workers’ Comp Premium Refund:
$32,000.
TRANSPORTATION SCHOOL BUS COMPANY
Client retained us to find out if their experience mods and premiums were correct.
Workers’ Comp Premium Refund:
$30,000.
EDUCATION SCHOOL DISTRICT
Looking to reduce operating costs, we conducted an experience mod review.
Workers’ Comp Premium Refund:
$28,000.

Cherry Bekaert Benefits Consulting, LLC is a Chernoff Diamond Affiliate. Chernoff Diamond & Co., LLC is a Managing Member of Cherry Bekaert Benefits Consulting. Chernoff Diamond & Co., LLC offers Investment Advisory Services through M Holdings Securities, Inc., A Registered Broker/Dealer, Member FINRA/SIPC. Check the background of this Firm and/or investment professional on FINRA's BrokerCheck. Chernoff Diamond & Co., LLC is independently owned and operated. Chernoff Diamond & Co., LLC, is a member of M Financial Group. Please visit mfin.com/DisclosureStatement.htm for further details involving this relationship.

Chernoff Diamond and their registered representatives are currently licensed to sell variable life and annuity products, as well as other securities products, in the states of California, Connecticut, Florida, Georgia, Maryland, Massachusetts, Missouri, New Jersey, New York, North Carolina, Pennsylvania, Virginia, Wyoming and Washington DC. Residents of other states should consult with a local registered representative for securities products.

Proper state registration is mandatory prior to conducting business in any state.

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