If you’re a business owner, you are intimately familiar with the headaches surrounding worker's compensation, more commonly referred to as “Workers Comp”.
For the business owner, workers comp is ultimately protection for you and your employees. It protects your employees in case an accident happens on the job by ensuring they are covered and it protects the business from legal exposure resulting from an unforeseen accident.
The problem with workers comp is that every situation is unique and rates can vary drastically. These drastic rate fluctuations typically are the result of an audit done incorrectly. This is one of the reasons it is vitally important to have an experienced workers comp professional in your corner.
One of our founding partners, Amanda Roland, specializes in this area and has had the opportunity to help many business owners save a substantial amount of money. Amanda says the majority of the audits she reviews are done improperly, costing the client thousands of dollars if not caught in time. Thanks to her extensive knowledge of workers comp audits, Amanda was able to save a new client $100,000 on a workers comp issue. That's a lot of money!
A client came to her who specialized in consulting services in the timber industry. The company handling his worker's comp policy had misclassified his business due to a misunderstanding of the business model which is a common mistake. This company wanted to charge him $107,000 for the term of his coverage. The client called Amanda understandably worried. Amanda was able to work with the insurance company to get his classification corrected to the proper class that better matched his business operation. The result? His $107,000 bill was adjusted to $7,000, saving the client $100,000. That was one happy client!
Unfortunately, many of these mistakes are not caught and business owners suffer. There's a good chance if you are paying for worker's compensation, you are either paying too much or are not adequately protected in case of an accident.
This is just one of many stories of Amanda and the Roland, Abbott, & DeZoort team saving a business owner a substantial amount of money on their worker's comp policy. If you have questions about your policy, or just want Amanda and our team to take a look at it, we would love to help.