Premium Audits

Discover how 75% of workers' compensation premium audits are incorrect, potentially leading to significant overcharges for employers. Learn about common mistakes in audits, including misclassification of employees, incorrect experience mods, and improper payroll calculations, that could be costing your business unnecessary money.

When It Comes to Your Policy-Year Audit, Are You Being Overcharged?

75% of Premium Audits are INCORRECT according to studies. – The Institute of WorkComp Professionals

There is more unnecessary money wasted here by employers than you will ever realize. The Institute of Work Comp Professionals (IWCP) has compiled data from the Advisors they educate around the country and have found that 75% of all audits are incorrect. You read this correctly; it is 75%.

With over 600 Classification Codes, over 17 types of payroll that should not be included, chances are your audit contains errors resulting in you being overcharged!

Common Mistakes Made During Workers Compensation Audits
  • Auditor uses the wrong class codes for one or more employees.

  • Auditor applies the wrong experience mod when calculating your audit premium.

  • Workers compensation policy credits given by the carrier at the beginning of the policy are not showing up on audit.

  • The original manual rates quoted to you are not the same as the rates on the audit.

  • You are being charged for sub-contractor payments even though you have a valid certificate.

  • Incorrect payroll figures are used on when calculating the audit.

  • Owners and officer were not excluded from the audit when they were excluded on the policy.

  • You had an employee in multiple workers compensation class codes but the payroll was not separated on the audit

  • Classification Codes used were not on the original policy

  • Overtime was not properly treated (In PA, overtime is included)

Don't Just Take Our Word for It! Real Businesses, Real Results

  • Elk Air
    David, I just can't thank you enough to finding and returning to us the $27,438 in overcharges from our last two years of audits.  I only wish we had been allowed to go back to the prior years to recover money.  More importantly, you provided us with a process so that we can avoid being overcharged in the future by the insurance companies.
    Ralph Kemp - President
    Elk Air Conditioning
  • CHarper
  • Odyssey Communications
  • Siegel & Jennings
  • Kasto
  • Gottlieb
  • Jet Net
  • Bowser Automotive
  • Duda Cable

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(724) 978-2139
dleng@duncangrp.com