What Are the Advantages of a Professional Workers’ Comp Analysis?
Cost Savings
CompWize identifies potential overcharges and errors in your premium calculations, leading to significant cost savings.
Financial Recovery
We can help you recover over six years of overpaid premiums and funds, putting money back into your business.
Risk Assessment
We provide valuable insights into your risk profile and potential areas for improvement.
Improved Workplace Safety
Our workers’ comp analysis helps identify opportunities to enhance workplace safety, reducing the risk of accidents and injuries.
Expert Insights
When you choose CompWize, you benefit from our AI-powered analysis software and receive the expert advice of professionals specializing in workers’ comp analysis.
Efficiency
It can take days or weeks to review your workers’ comp policy accurately, and even then, human error is a significant factor correlating with premium overcharges. CompWize negates human error and additional aspects that cost your business time and money.
Transparency
Understanding the factors affecting your premium costs enables you to manage them effectively. At Commercial Coverage Plus, our clients become partners, benefitting from our insight and guidance.
Smart Budgeting
Once you receive the data generated by CompWise, your business can use the analysis to plan and budget for your workers’ comp expenses more accurately.
Competitive Advantage
When you cut down on unnecessary expenses like overpaid workers’ comp premiums, your business gains a competitive advantage and increases its bottom line.
Legal Compliance
Adhering to state and federal workers’ compensation laws and regulations is paramount to ensuring your business’s ongoing operations.
Why Are Workers’ Comp Overcharges So Common?
Data Errors
Inaccurate or outdated data used to calculate premiums can lead to overpayments. This may include incorrect employee classifications, payroll figures, or experience modification factors.
Classification Errors
Misclassification of job roles can result in higher premiums. For example, the premiums will be inflated if employees are classified in a higher-risk category than they should be.
Experience Modification Errors
Mistakes in the experience modification factor, which is based on a company’s claims history, can cause overpayments.
Learn More: What’s an E-Mod & How Does It Affect Workers’ Comp Premiums?
Poor Claims Management
Failing to challenge claims that appear fraudulent or exaggerated can result in higher premiums.
Changing Workforce
If your company’s workforce or operations change and this information is not updated with the insurer, premiums may not accurately reflect your current situation.
Workers’ Comp Insurance Expertise
With centuries of combined experience in the insurance sector, our leadership team helps businesses of all types and sizes overcome workers’ comp challenges nationwide.
Managing and growing your business is hard work. And let’s face it. The intricacies of workers’ compensation policies are probably not your forte. Fortunately, the CompWize team is here to help.