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Part 2: Workers’ Comp Independent Premium Audits Explained

AMAXX

In this three-part series, we are examining nine elements of independent premium audits to help you better understand and control your workers’ compensation premiums. These foundational aspects are crucial for ensuring accurate premium calculations and avoiding costly mistakes.

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Part 1: Workers’ Comp Independent Premium Audits Explained

AMAXX

When an employer receives a revised workers’ compensation premium bill, the accuracy of the bill can be uncertain and confusing. To ensure fairness and correctness, an independent premium audit is highly recommended. Payroll Information A critical step in any premium audit is the review of an employer’s payroll.

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Understanding Classification Rules in Workers’ Compensation

AMAXX

These rules not only influence the amount you pay in premiums but also help ensure that your company is correctly classified based on the work it performs. Misclassification can lead to costly errors, either by overpaying premiums or by facing penalties for underreporting risk. What Are Classification Rules?

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Part 3: Workers’ Comp Independent Premium Audits Explained

AMAXX

In this final part of our series exploring the nine elements of independent premium audits, we turn our focus to specialized situations and nuanced adjustments auditors carefully evaluate. Auditors disallow estimates, making precise documentation vital to receiving the intended premium savings associated with this exception.

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Mistake: Accepting Every Workers’ Compensation Claim

AMAXX

This opens the door to exaggerated injuries, unrelated medical issues being attributed to work, and even outright fraudulent claims. Heres how: Establish a Clear Injury Investigation Process Not all injuries that occur at work are work-related, and not all reported injuries are legitimate.

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Understanding the Impact of Frequency and Severity on Workers’ Compensation Premiums

AMAXX

When it comes to calculating workers’ compensation premiums, two critical factors play a significant role: the frequency and severity of claims. Understanding how these two factors interact can help businesses reduce their premiums and improve workplace safety.

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The OSHA Mindset Shift: From Compliance Burden to Strategic Advantage

AMAXX

OSHA Compliance as a Cost-Saving Strategy Workplace injuries are expensive. A proactive safety strategy aligned with OSHA standards can drastically reduce workplace injuries, lowering both direct and indirect costs. Analyzing injury trends , near-miss reports, and incident rates can help identify weak spots in your operations.