FAQs

1. We are happy with our workers’ comp premium the way it is. Why should we hire you?
2. Doesn’t my insurance company fix any errors and overcharges?
3. What if you find out that we have underpaid?
4. Doesn’t my broker already do this for me?
5. Why should I hire APEX?
6. What information does APEX Audit?
7. How much of my time will this take?
8. Doesn’t my insurance company already send us refunds?
9. If I hire APEX and they find errors, will it reflect badly on me?
10. What will my insurance company think about your compliance audit?
11. What is my company’s probability of recovery?
12. What is the cost of the audit?

1. WE ARE HAPPY WITH OUR WORKERS’ COMP PREMIUM THE WAY IT IS. WHY SHOULD WE HIRE YOU?

You can have the best insurance plan out there with the best risk management in place. You could be doing everything right.

But the errors and overcharges will not be corrected unless we conduct our compliance audit.

The reason it will not happen without APEX:

While your employees may be on top of your Workers’ Compensation policies and claims, this has no connection to the amount of money we can get you back. The errors and overcharges that we find are primarily a result of your insurance company not being in compliance with certain State and Federal laws.

Even your best employees are not professional compliance auditors! They have their own talents, such as making sure your business is running smoothly and your  costs are down. 

We are independent compliance auditors.  Our specialty is Workers’ Comp compliance audits.  THAT IS ALL WE DO, AND ALL WE HAVE BEEN DOING FOR OVER 20 YEARS.  WE GET PAID ONLY FOR RESULTS! 

2. DOESN’T MY INSURANCE COMPANY FIX ANY ERRORS AND OVERCHARGES?

Insurance Companies are not required to make many corrections without a formal request from the customer or their representative.

Moreover, what is going to motivate them to go back and retroactively fix all the policies?

Do you expect them to hire a team to comb through past and current policies and fix long-forgotten errors just so they can send you a refund check?

We can tell you from experience that insurance companies spend their days finding new ways of making money, not new ways of giving it back.

3. WHAT IF YOU FIND OUT THAT WE HAVE UNDERPAID?

This is very uncommon.  Insurance Companies exert a lot of effort and manpower to catch undercharges, but very little effort to detect overcharges. If our initial review indicates that you have been undercharged for any given year that we are reviewing, we will close your file on that given year, and no information will be disclosed to the carrier or rating bureau for that year.  But let’s say our review finds that the next year you went to another carrier and you were overcharged, then we will go to that carrier or rating bureau to get you your refunds.

4. DOESN’T MY BROKER ALREADY DO THIS FOR ME?

Did your broker lately say that he or she reduced your 2009, 2008, 2007, 2006 experience mods or any other experience mods, and that your insurance company is sending you a refund check? No? Then contact us now for a free analysis. You may be owed a big refund.

Your agent or broker may have undertaken the job of monitoring your claims before the claims go into your experience mod.  However, we are minimizing the losses after they have gone into your experience mod and you have been already charged (or overcharged) for them.

We work with many of the best agents and brokers in the country. These agents realize that compliance audits are not their area of expertise, but they want their clients to benefit from APEX’S value-added audit. They want their clients to get refunds that they would never see otherwise.  That is why they recommend their clients to APEX.  And we work together with these agents and brokers to make these results happen for you.

There are a few agents out there who say that compliance audits are unnecessary, and that they themselves already do what we do.  But that means that they either do not fully understand our process, or they do not want someone else involved with their client, out of fear of losing that client.

A broker is not an accountant, doctor or lawyer. A broker has his own specialty: He is an insurance coverage expert whose job it is to provide the best coverage available for his clients.

Our specialty is Workers’ Comp compliance audits.  THAT IS ALL WE DO, AND ALL WE HAVE BEEN DOING FOR OVER 20 YEARS!

5. WHY SHOULD I HIRE APEX?

We have been doing workers’ comp recovery audits for over 20 years, and have a combined 75 years of insurance experience.  Since 1994, we have refunded over $48,000,000 to clients such as yourself.

6. WHAT INFORMATION DOES APEX AUDIT?

We are hired by employers, on a contingency-fee basis, to review their Workers’ Compensation insurance costs, and to find and recover premium errors and overcharges in current and past policies.

We double-check the experience modification factors and all the other premium calculation factors that insurance companies use to calculate your Workers’ Compensation insurance premiums. In our experience, such errors and overcharges are occurring far more often than many in the insurance industry are going to admit — 90% of the time — and can cost you a tremendous amount of money. The complexities of rules governing proper experience modification factors and the varying state regulations and statutes mean that many employers are overcharged without even knowing it.

Red Flags That APEX Looks For During Audits:

• Incorrect information in your loss-run report.
• Data that would have lowered your experience mod but wasn’t used
• Usage of incorrect factors and rates (Payroll, Classification, Premium Discount, Schedule Rating, Rate Differential, Second Injury Fund Surcharges, PPAP/ARAP, etc.)
• Whether all of the applicable state and federal laws, regulations, and exceptions were followed.
• Information that could have been reported differently to benefit your company, but wasn’t.
• Whether your experience modification factor could have been lower
• Whether your policy fits your business classification, or whether your policy pricing could have been lower.
• Refunds owed to your company from overpaid premiums.

We identify and correct these errors and overcharges for employers nationwide, producing reductions in their current premiums and recovering refunds from their current and past policies, thereby also resulting in future years’ savings.

7. HOW MUCH OF MY TIME WILL THIS TAKE?

• Our audit is performed off-site with minimal time required from our clients, usually 10-20 minutes.

8. DOESN’T MY INSURANCE COMPANY ALREADY SEND US REFUNDS?

At APEX Services, we conduct compliance audits for workers’ comp (for companies that pay around $100,000 or more for insurance premiums for guaranteed-cost or loss-sensitive plans), and we recover money 90% of the time.

But the insurance company just told you that they conducted an audit, and you just got money.  So why do you need us?

HERE’S WHY:  At the beginning of your policy year, the insurance company estimated your premiums. These premiums were based on your payroll for the coming year, but you did not actually know what the payroll for the coming year was going to be. A year is a long time. The insurance company estimated what your payroll was probably going to be, and now, a couple of months after that year is over, they came down and audited your final payroll records for that year, and they saw that either:

1. They underestimated your payroll, and it turns out you owe them more money, or
2. They overestimated your payroll, and now they owe you money.

If the insurance company is sending you money without you even asking for it, chances are that they found that the latter had happened. When we conduct an audit, it is on top of their audit, and 90% of the time we will get you additional refunds.

9. IF I HIRE APEX AND THEY FIND ERRORS, WILL IT REFLECT BADLY ON ME?

Not at all.

As an employer, you could have the best risk manager, the best claims management, the best insurance policy, the best broker, and the best safety program in place for the most safety-conscious employees on the planet. You could have committed yourself to doing everything 100% right.

SO WHY ARE THERE ERRORS AND OVERCHARGES?

Rest assured that these errors are not the fault of you or anyone at your company. The errors are not reflective of what you’re doing, but of how your insurance company has handled rapidly-changing state and federal laws.  Additionally, it is all too common that insurance companies use state laws when national laws should be applied and national laws where state laws should be applied.

And believe it or not, it’s not even the fault of your specific insurance company. In our experience, most insurance companies are making the same errors.  So it’s not even like you can switch providers and solve your problem.

10. WHAT WILL MY INSURANCE COMPANY THINK ABOUT YOUR COMPLIANCE AUDIT?

Insurance companies want to be sure that they are following the rules and regulations as mandated by the Department of Insurance. Our review will confirm their compliance with all of these rules and regulations, and notify them of where they are not complying.  Therefore, if money is rightfully owed to the insured, they will happily issue a refund where it is due.

11. WHAT IS MY COMPANY’S PROBABILITY OF RECOVERY?

We recover money 90% of the time.

12. WHAT IS THE COST OF THE AUDIT?

Apex Services works on a contingency fee. If we are unable to obtain a refund or a credit, there is no fee.  We will invoice you only after you receive a check, credit or reduced premium resulting from our work.

Our motto is “NO RECOVERY, NO FEE.”