The Workers’ Compensation Premium Audit: More than 75% are Incorrect - How You Can Avoid Being Overcharged
Instructor:
Kevin Ring
Product ID: 704448
- Duration: 60 Min
Why Should You Attend:
The premium audit determines the final premium of your workers’ comp policy. More than 75% are incorrect and most often the employer winds up being overcharged. These overcharges are largely due to the fact that employers are not properly educated about how to keep their records to be sure the auditor has the information they need.
This session will cover the rules of the premium audit and how to make sure your business is not overcharged.
Areas Covered in the Webinar:
- How to determine if your business is properly classified
- What money do you give your employees that does NOT count for workers’ compensation, even if you DO have to pay taxes on it
- How to deal with uninsured subcontractors to be sure you’re not overcharged
- What the auditor can and can not do when they want to change your classification on the audit
- How to determine who goes into what class codes that are on your policy
- How to prepare for the audit so that the premium auditor is out of your hair as quickly as possible
Who Will Benefit:
- President
- Vice President
- Manager
- Supervisor
- HR Professionals
- Payroll Professionals
- Accountant
Kevin Ring
Founder, Institute of Benefits and Wellness Professionals
A licensed P&C agent, Kevin Ring has an affinity for making the technical simple, be it insurance or computers. He is especially adept at unraveling ex-mods and audits and classification clarifications.
His plain speak approach is the key whether he is presenting at a Certified WorkComp Advisor Institute, giving workshops for employers, or presenting teleclasses for insurance agents. His technical workers’ comp skills have helped Certified WorkComp Advisors through sticky situations (including analyzing a 68 page mod sheet) and he’s constantly working with advisors to deepen their knowledge of the Institute process.
Mr. Ring has analyzed more than 500 experience mod worksheets, finding and fixing errors for CWCAs and their clients. Because of his experience working with advisors and analyzing mods, he designed and directed the development of ModIMPACT, IWCP’s mod analysis tool which helps you better understand the mod, how it impacts premium costs and how to keep it under control. It is a quick, simple and powerful way to analyze a mod and communicate the results.
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