Mistakes in your Workers Compensation mod can cost you.
We work to reduce your mod and deliver savings in the process.
Mistakes in your Workers Compensation mod can cost you.
We work to reduce your mod and deliver savings in the process.
We work to reduce your mod and deliver savings in the process.
We work to reduce your mod and deliver savings in the process.
Why let insurance companies profit from their mistakes? Statistically, the odds are very high (90% of all companies, according to our findings) that you are being overcharged for your workers’ compensation insurance without you (or the insurance company) even knowing it, due to technical errors in the workers compensation premium calculation and workers compensation audit.
ARGO's Workers Compensation Premium Recovery Audit process is a risk-free, no-hassle way to get your money back. With our extensive experience, we are able to do the following:
We always work on a contingency-fee basis, so if you don’t get paid, neither do we.
Give us a call today, and we’ll help you get your money out of the insurance company’s pocket and into yours with our workers compensation premium recovery service.
Errors in classification, for example, tend to get repearted year after year because insurers and agents rely on past policies and audits for determining classifications, instead of taking a fresh look to determine what the true proper classification is for your business.
Errors in Experience Modification Factors are often overlooked because underwriters, auditors, and agents lack training in the rules that govern experience mod calculation. And the rating bureaus that calculate mods tend to accept at face value data reported by member insurance companies without checking it for accuracy.
Errors in payroll audits are rarely caught because specialized training is required to identify them and specialized experience is needed to get insurance companies to retroactively correct them.
Once ARGO identifies the errors and/or corrections that can be made, ARGO submits the requests to the insurance rating bureau or the insurance company through the proper channels. Our company then continues to follow up until the changes are made and a refund check is mailed to you or a premium credit is applied.
ARGO will require a signed Engagement Agreement and signed Authorization letters whereby we will have access to your Workers Compensation policy, modification rating worksheets, etc.
ARGO gets to work! We collect all of the essential data to review the Workers Compensation premium and experience modification factor (EMR) calculation. Our analysts then review the data to identify errors or misclassifications.
ARGO submits its findings to the applicable rating bureau or insurance company and requests that adjustments be made. ARGO ensures that the changes are made and that a refund check is mailed to you or a premium credit applied on your account.
Please contact us if you cannot find an answer to your question.
a factor developed by measuring the difference between the insured's actual past experience and the expected or actual experience of the class. This factor may be either a debit or credit and, therefore, will increase or decrease the standard premium in response to past loss experience. When applied to the manual premium, the experience modification produces a premium that is more representative of the actual loss experience of an insured. An employer with average experience has a modifier of 1.0 and would pay the manual premium. Employers with poorer loss experience would have modifiers greater than 1.00 and would pay more than manual premium. Those with good experience would have modifiers below 1.00 and pay less than manual premium.
Workers’ comp codes are three- to four-digit codes that identify types of work. Insurance companies use these codes to help estimate risk and determine Workers Compensation insurance costs. Generally, the more risk a worker faces, the higher the cost of Workers Compensation insurance in the industry. For example, construction workers likely have a higher level of risk than graphic designers. The workers’ compensation codes for both of these jobs would reflect the difference in risk. Various contractors also have different codes and risk levels. Electricians, for example, have a different code from a carpenter. Workers Compensation class codes are a starting point for insurance companies as they determine cost and provide coverage to your business.
Typically, the insurance agent or broker selects the best fitting class code(s) for your business. Often, this goes unchecked until the time of policy audit, where sometimes a class code adjustment is made. The applicable state Workers Compensation Bureau may review files upon inspection as well, and make any adjustment to the class code classifications they see fit.
We work on a contingency basis, so you only are required to pay if we do find a mistake or error. There is absolutely no risk on your part.
If the error is in the experience mod factor that the insurance company applied to the Workers Compensation policy or audit endorsement, then yes, they are obligated to make the correction/adjustment. If the error is in the class code assignment, then no, they are not obligated to make the adjustment just by us telling them that they made a mistake. However, in this instance, we would seek guidance from the Workers Compensation rating bureau with jurisdiction and typically insurance companies would then adhere to such.
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You can reach us at (929)202-8242 or by emailing info@argorecovery.com.
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