You did all your homework, and you got the best possible rate from an insurance provider that all the top companies swear by. And this insurance provider never would have gotten to where they are if workers compensation overcharges were a common occurrence, right? Wrong. Our experience shows that out of every ten businesses paying around $100,000 or more in premiums for guaranteed cost plans or loss sensitive plans, nine of them are overpaying in some way or another. A lot of the time this is due to an error on the part of the insurance company, and most of the time, the insurance company is not doing it on purpose. How are these workers compensation overcharges possible?
- There are many laws that govern workers’ comp, and these laws vary from state to state. And regardless of where the insurance company is based, your premiums are supposed to be based on the locality in which your business is located. Binding a policy in your state allows you coverage there, but there are many laws that need to be tracked with the premiums.
- It is very hard to keep track of all of the different laws of each and every state, especially since they keep changing on a regular basis.
- When an insurance company does catch a change in the law, they don’t always go back into each customer’s history and make sure that all the claims that were processed since then reflected that change.
- Why would they? Their job is to provide you with coverage, not to look for ways to lose money on coverage they already provided.
So there is a very good chance that you’re getting overcharged. But you might be afraid to do anything, because you personally don’t have the time to go through a bunch of complicated insurance paperwork to find things that you think may be mistakes, and then get on the phone and be given the runaround until someone in the insurance company’s customer service department talks down to you about how you probably read your bill wrong. We at APEX Services know what we’re looking for. As we do nothing but conduct audits to find workers compensation overcharges, our team is trained to look for specific cues and find actual errors that, if not corrected by the insurance company, would constitute a breach of contract on their part. When you signed up for their plan, you entered a contract, and as long as you keep up your end — paying the premiums — they have to keep up their end – abiding by the laws, whatever they may be. We do not have to fight with your insurance companies. All we have to do is point out the errors and overcharges, and they are willing to make the changes because they want to be in compliance with all federal and state laws.
