Tuesday, October 11, 2016

What you should know about Work Comp Audits

Workers’ compensation insurance is state mandated and provides employees with payments for work related injuries and occupational illness including payments for medical expenses and for loss time from work (indemnity). There are no limits on medical claims, although each state establishes an amount on a loss of limb, death, and varying degrees of partial or permanent disability. Loss time or indemnity payments are normally a payment equaling two-thirds (2/3) of an employee’s usual wage. An employee normally becomes eligible for indemnity payments after three (3) lost days of work.

Our WorkCompAudit identifies and recovers workers’ compensation premium overcharges by reviewing the past five to seven years of classifications, experience rating calculations and premium audit calculations.

Experience indicates that over 70% of all companies have been or are currently overcharged for their workers’ compensation premiums.

A few of our Targeted Industries:

Aircraft, Amusement Park & Ski Areas, Assisted Living, Automobile Dealerships, Beverage Dealers - Wholesale, Bottlers, Box Mfg., Bldg. Operators, Cable Installation, Casinos, Carpentry, Clothing Mfg., Contractors, Food Processing, Foundry, Forklift Operations, Garbage Collection, Grocery Stores, Home Builders, Home Health Care, Hospitals,Labor Services (temp help), Lumber Yards, Machinery Dealers, Meat Processors, Mining Operations, Municipalities, Lurching Homes, Oil & Gas Exploration, Plastics Mfg., Railroad Operations, Restaurants, Sand & Gravel, Scaffolding, Scrap Dealers, Sheet Metal, Trucking, Warehousing, Wrecking & Demolition and many more.

Minimum Requirements:

*Industries that have an average workers compensation premium of $50K or above

Note: Companies that have operations in more than one state increase the opportunity of recovering a refund substantially.

Find out about the brief survey we conduct to determine your initial savings, no upfront fees. We don't get paid unless you save.

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Larry Potter
Senior Stryde Advisor

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