Overview of Workers Compensation Premium Audits:
Our Worker's Compensation insurance audit is designed to identify and recover Workers' Compensation premium overcharges by reviewing the past five (5) years of policy information. Our service works solely on a contingency fee basis. If we can not find you a recovery, their is NO fee. Commercial Capital Resources also makes the process easy- we retrieve all the past policy documents and the audit is done off site.
The Facts on the Service
Our experience indicates that approximately 70% of all companies have been or are currently being overcharged for their Workers' Compensation insurance premiums. Do not be at the mercy of your insurance company, take action and decrease this required expense.
We review all aspects of your premium calculations including, but not limited to, Declaration Pages, Audit Billing Statements, Experience Rating Worksheet Calculations, Loss History Summaries, Auditor's Worksheets, Premium Payments and Special Rating Plans.
Once all the Workers' Compensation review paperwork is recovered by our staff, we will provide you with a written report documenting all the overcharges, provide the appropriate supporting documents to recover your overpayments and assist you in obtaining the refund due to your company.
Commercial Capital Resources does all the document retrival for our clients. We work hand and hand with your insurance carriers and agents to gather all the documents needed to perform our off site audit.
The Value of an Independent Auditing Firm
- No Cost Review- The service is strictly contingency based. The audit itself is free. You only pay for the service IF a recovery/refund is found.
- Commercial Capital Resources has no connection with any insurance agency or insurance carrier. We are truly independent Workers' Compensation premium consultants. There is no need for a company to change insurance agents or carriers to take advantage of our service
- Peace of Mind- Make sure your company has been charged the appropriate amount for your Workers' Compensation insurance in the past and that you will be charged the correct amount moving forward.
 
Why do Companies Overpay on their Workers' Compensation Insurance?
- Workers' Compensation overages are the result of a complex system designed by actuaries and ratings bureaus that is implemented by clerical personnel and overseen by state regulators.
- Workers' Compensation premiums are derived by a relationship between classifications, rates, payrolls, experience modifications, rating bureau rules and state insurance rules. Often Insurance carriers neglect to pass on state ordered reductions of Class Codes and Experience Modifiers to their clients, increasing premiums year to year.
- Insurance regulations are determined at the state level by the legislature and rely on the NCCI or state rating bureau. Together, they have developed a complex system that is interrelated and independent at the same time.
- Who sees that companies pay only what they are obligated to pay? There is a lack of one entity overseeing the process.
- Insurance providers only do as much as required by the state insurance laws. They do not calculate Experience Modifiers or Classification Codes.
The process includes many of the following people when determining a policy premium:
Insurance Company underwriters Underwriter Processor
Claims auditors and adjusters Insurance Company rater
NCCI and Rating Bureau personnel State personnel
Insurance company medical advisors Employer and Staff
Atleast two automation input clerks Current agent and staff members
Healthcare providers Hospital, clinics and staff
The lack of a single governing body coupled with the number of people involved in determing payroll, classification codes and experience ratings lead to many miscalculations and premium overcharges.
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