From CompWize – Optimize Workers’ Comp Management With CompWize
CompWize identifies potential overcharges and errors in your premium calculations, leading to significant cost savings.
We can help you recover over six years of overpaid premiums and funds, putting money back into your business.
We provide valuable insights into your risk profile and potential areas for improvement.
Our workers’ comp analysis helps identify opportunities to enhance workplace safety, reducing the risk of accidents and injuries.
When you choose CompWize, you benefit from our AI-powered analysis software and receive the expert advice of professionals specializing in workers’ comp analysis.
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.
Understanding the factors affecting your premium costs enables you to manage them effectively. At CompWize, our clients become partners, benefitting from our insight and guidance.
Once you receive the data generated by CompWize, your business can use the analysis to plan and budget for your workers’ comp expenses more accurately.
When you cut down on unnecessary expenses like overpaid workers’ comp premiums, your business gains a competitive advantage and increases its bottom line.
Adhering to state and federal workers’ compensation laws and regulations is paramount to ensuring your business’s ongoing operations.
Inaccurate or outdated data used to calculate premiums can lead to overpayments. This may include incorrect employee classifications, payroll figures, or experience modification factors.
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.
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?
Failing to challenge claims that appear fraudulent or exaggerated can result in higher premiums.
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.
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.