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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 workerscompensation premiums. These foundational aspects are crucial for ensuring accurate premium calculations and avoiding costly mistakes.

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Understanding Classification Rules in Workers’ Compensation

AMAXX

When it comes to managing workerscompensation, understanding classification rules is fundamental. 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. What Are Classification Rules?

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Part 1: Workers’ Comp Independent Premium Audits Explained

AMAXX

When an employer receives a revised workerscompensation premium bill, the accuracy of the bill can be uncertain and confusing. To ensure fairness and correctness, an independent premium audit is highly recommended. It is crucial to segregate payroll accurately by the correct classification codes.

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WCIRB: California Workers’ Comp Written Premium in 2023 Was up Slightly

Insurance Journal

California workerscompensation written premium in 2023 was slightly above 2022, while written premium for the first six months of 2024 is 2% lower than the first six months of 2023, a new report shows. The WorkersCompensation Insurance Rating …

Premium 277
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‘Dr. Taxes’ in Georgia Charged with Taking Workers’ Comp Premiums from Clients

Insurance Journal

A businessman in south Georgia who called his business a tax preparation site for immigrants is now facing multiple charges that he swindled clients out of thousands of dollars in workerscompensation insurance premiums. Emmanuel Torres Cruz, 34, was arrested …

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Mistake: Accepting Every Workers’ Compensation Claim

AMAXX

Many companies operate under an unwritten rule: accept every workers compensation claim, no questions asked. A well-managed workers compensation program should pay 100% of legitimate claimsand 0% of the claims that arent. Employees come to believe that every claim will be accepted, regardless of the circumstances.

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Report: 1Q 2024 California Workers’ Comp Written Premium 3% Lower Than Year Ago

Insurance Journal

Written premium for the first quarter of 2024 was 3% lower than the first quarter of 2023, while written premium in 2023 was slightly above 2022, according to the WorkersCompensation Insurance Rating Bureau of California. The WCIRB released its …

Premium 276