audit
your worker's comp audit service
Through Nationwide Risk Consulting,
Inc. (NRCI), Upshaw provides you with income opportunities
when it comes to workers’ compensation
audits. NRCI specializes in “auditing the audit” of
worker’s compensation insurance premiums for thousands
of companies across the country by reassessing its clients’ exposure
every three years. The group works on a contingencyonly
basis, absorbing all expenses and splitting any recovery
of
overpayments to insurance carriers on a 50/50 basis.No
recovery—no
fee.
NRCI thoroughly examines all significant
areas for possible recovery for its clients,
including:
- Proper governing code--the first and possibly
most significant area for recovery
- Payroll exclusions--such as overtime and severance
- Experience modifiers--lower rates due to an
incorrect MOD
- Reserves--closing out open reserves that have
a negative impact on your MOD
- Claims--general verification to make sure
there have been no mistakes by your carrier
- Job classification codes--(same as governing
code)
Approximately 75% of NRCI’s audited companies
have received refunds between
5% and 15% of their annual premiums.
DID
YOU KNOW: Employer misclassification
can play havoc with worker‘s compensation
costs? There
are hundreds of codes that specify workers-comp insurance rates for different
jobs that are often confusing and create the potential for common mistakes. Controllers
are too busy to deal with the minutiae of their worker’s comp agreements
or the task of auditing codes has been delegated to the payroll staff. An audit
of employee classifications can lead to immediate cost savings. |
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