Workers' Compensation Premium Recovery

Workers_Compensation_Premium_RecoveryWorkers’ compensation premiums can be a large portion of an overall insurance program, as well as a large percentage of operating costs. Most businesses aren’t aware that it is quite possible they are being overcharged for their workers’ comp premiums, without fault of their broker or even their insurance carrier.

The fact is, workers’ compensation insurance costs are a result of many different factors, which include but are not limited to: labor class codes, experience modifications, claims history, WC rating worksheets, loss cost multipliers, and several other factors.

Is it possible you could be entitled to a refund for inadvertently overcharged premiums? The answer undoubtedly is YES.

There are over six hundred business classifications that often go unchallenged. Is there a different (lower rate) class code that could be used for your business?

  • Quite often, experience rating worksheets are calculated incorrectly, which could result in a higher experience modification factor.
  • Claims could be over-reserved, which ultimately could result in a higher experience modification factor.
  • Discounts and/or credits could be incorrectly applied.
  • Subcontractors you hire might be inadvertently included in your payroll (even if you produced certificates of insurance to the auditor).
  • Payroll audits are often rushed resulting in errors.

THE SOLUTION: The BNC Insurance Workers’ Compensation Recovery Program

BNC has brought a solution to its clients by partnering with Workers Comp Recovery experts and leaders in the industry of premium recovery for workers’ compensation. Some highlights include:

  • All work is performed on a contingency basis. No recovery = no fee.
  • Typical minimum premium to be eligible for the program is $50,000.
  • Refunds are sent directly to the insured.
  • Specialists will analyze errors on current and expired policies for:
    • Errors in calculating experience mod factors, including reserves and loss ratios
    • Errors on payroll worksheets
    • Classification errors
    • Errors on final premium audit bills
    • Errors in reporting of non-compensable and fraudulent claims
    • Review of retro plans and adjustments

The process is very simple and requires little to no involvement on the part of the insured, and as there is no fee unless there is a recovery or premium. The process is a win-win for our clients.

For more information on Workers’ Compensation Recovery, contact John Cofini at