Workers Compensation Insurance Audit Recovery Law Brooklyn, NYC
Brooklyn, NYC Workers Compensation Recovery Guide

Brooklyn, NYC Workers Compensation Recovery Guide

The Workers Compensation Pro (That's me) is here to bring you the most critical, valuable, profitable rewarding and time saving information about WC related issues.



Topics:


Workers Compensation Recovery:

We provide employers with the information they need to be able to understand if they are overpaying for their workers related insurance services. We will guide you through the research, auditing and payback process. Recovering your hard earned money is your legal right. There is no reason whatsoever that you should be paying huge premiums and not even know what you are paying for. This blog and guide seeks to enlighten you with amazing tips on intricate insurance issues like pap credits, territory differential, uninsured subcontractors, wrap up projects, actuarial details and much more. Did you know that on average 75% of businesses in the United States that pay for workers compensation insurance for their employees save money after using an audit recovery service? That's right, get in the know, read our blog and start saving your company money today.

And now, our featured businesses for 2018 in the Workers Comp industry:
If you are an employer that is looking to audit your workers compensation premiums contact our featured WC recovery firm at:
Premium Paybacks WC Insurance Recovery 4722 18th Avenue Brooklyn, NY 11204 (718) 621-4300 premiumpaybacks.com

Please note, If you are an employee that has issues with their employers coverage, you will need to call our featured Workers Compensation Lawyers. For your convenience we will provide you with two options, one in Queens & one in Brooklyn:

Gold & Fox Queens Workers Compensation Firm 118-35 Queens Blvd #400, Queens, NY 11375 (718) 971-9499
http://www.queensworkerscompensationfirm.com | A Featured Queens Ledger Workers Compensation Lawyer
or
Shulman & Hill Workers Compensation Firm 26 Court Street #2100 Brooklyn, NY 11242 (718) 852-4700 https://shulman-hill.com
| A Featured Brooklyn Ledger Workers Comp & Injury Lawyer

Workers compensation premiums & audit recovery:

In most states, workers compensation premiums are mandatory. They provide coverage for your employees injured on job. If you are running a business where you have employed workers then workers’ compensation premiums might be a big concern for you. You might be looking for ways to reduce this premium. It is a necessary expense but you can find ways to reduce it. For this, you must understand how compensation premium are calculated. Premium calculation require rate and experience modifiers and you must have good knowledge about both of these. During annual audits, you should carefully scrutinize how the insurance carrier classifies your employees and challenges any improper classification. By following the technique to lower your modifier to lower your premium, you can take some important steps to achieve the desired goal. A small reduction in the modifier can bring significant changes.

First, make your work place is safe to minimize the chances of injury. Make sure that your premises are safe enough to give a comfortable and safe environment for workers. Establishing a return to work program can also reduce the cost of workers compensation claim. There are also other ways like getting enrolled in state sponsored programs in which the state sponsor programs to improve safety in return for a reduction in workers compensation premium. Some states also offer large discounts to recognized groups which is called group rating. For becoming a part of such a group, you have to ensure safety of your work place above average.

By using the audit recovery company, you can reduce the premium to a great deal. The compensation premiums are calculated twice. First, when you buy the policy the company roughly makes an estimate of your cost. Then at the end of the year, the insurance carrier will perform an audit which will determine the final cost. The audit company might visit or send you paper work to complete. If they decide to visit then you should appoint one person who has complete knowledge about your company and how everything works there. This person is to interface with the auditor. You will also need to gather payroll information to prepare for the audit. You will need to present payroll journal and federal tax report. Also, get prepared to provide a detailed list of duties of each employee. Make sure all of this information is accurate and up to date before the audit.

Your premium calculations are based on the degree of risk in your business. For this a business gets a classification and each classification has its own base rate. So, make sure your employees are properly classified because wrong classification can make a big difference in your premium calculation. Double check if the insurance carrier has correctly classified employees. If you find any unsuitable classifications, you can appeal for its correction any time. In case you find this task difficult to handle it on your own, you can always hire a consultant to get second opinion and make it easier for yourself.


How To Lower Workers Compensation Insurance Premiums
Premium Paybacks, the leading Workers comp. insurance audit & recovery firm in the NY area, will teach employers how to reduce their premiums substantially. Huge Savings Start Here
Mar 12, 2018

Reduce Workers Comp Fees: Compulsory Workplace Notices & WPS Charges
Mar 12, 2018

Did your company receive a notice from the New York Compensation Rating Board with subject, “Compulsory Workplace Safety and Loss Prevention Program” or did State Insurance Fund or other insurance company add a “WPS” charge to your annual premium?

If so, you must read the following:

NYS Department of Labor “Regulation 59, Workplace Safety & Loss Prevention Program” states that any NY employer with annual payroll in excess of $800,000 and with a published “experience modification” factor of 1.20 (20% charge) or higher is required within 30 days of receipt of notification by the NYS “Workers Compensation Rating Board” to undergo a workplace safety & loss prevention consultation. The consultant will charge you a fee of about $3,000, inspect your entire operation, make safety recommendations, re inspect when complied and submit compliance certificate with the NYS Labor Department for an additional fee.

 

Failure to comply will result in mandatory 5% premium surcharge, also known as “WPS charge”. Continuous failure to comply will result in increase of additional annual 5% charge.  For example, employer with an annual premium of$100,000  will be surcharged first year $5,000, 2nd year $10,000 and by 5th year $25,000. The increased penalty with never be removed until you comply.

 

The greatest secret to avoid the time, cost and penalty to deal with this issue is to see if perhaps your company was overcharged on past claims or if your employee reported fraudulent claims. if so, your experience modification can be reduced to under 1.20 and no longer  required to comply.  You will also be eligible for premium refund if your experience modification was reduced.

Contributed by Premium Paybacks, recognized as the Queens Ledger Featured Workers Comp Auditing Firm. Find out if your company experience modification charge can be reduced and contact them at: Premium Paybacks WC Insurance Recovery 4722 18th Avenue Brooklyn, NY 11204 (718) 621-4300 premiumpaybacks.com/
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