What comes to mind when considering ways to elevate your business’s success? You’re probably thinking about increasing profits, reducing expenses, expanding market share, or keeping ahead of the competition. And it isn’t surprising that recovering overpaid workers’ compensation premiums doesn’t make the cut.
From CompWize – Premium Recoveries – Overlooked Business Growth Opportunity?
But take a look at some of our recent premium recovery data. . .
Business: Machine Shop
Location: Nashville, TN
Refund: $48,615
Business: Food/Beverage Distributor
Location: Clayton, MO
Refund: $144,890
Business: Electrical Contractor
Location: Salt Lake City, UT
Refund: $24,212
Business: Roofing Contractor
Location: Brentwood, PA
Refund: $76,108
Business: Metal Fabricator
Location: Columbus, OH
Refund: $74,572
Business: Textile Manufacturer
Location: Charlotte, NC
Refund: $126,236
Business: Electrical Contractor
Location: Fresno, CA
Refund: $90,757
Business: Construction Rentals
Location: Birmingham, AL
Refund: $25,550
Business: Industrial Supply Distributor
Location: Reading, PA
Refund: $72,286
Business: HVAC Contractor
Location: Clarksville, TN
Refund: $44,808
Business: Plastic Injection Molder
Location: Tulsa, OK
Refund: $89,770
Business: Printing Manufacturer
Location: Spokane, WA
Refund: $108,288
Business: Electrical Contractor
Location: Pittsburgh, PA
Refund: $108,560
Business: Restaurant
Location: Louisville, KY
Refund: $38,226
Business: Plastic Injection Molder
Location: Los Angeles, CA
Refund: $88,550
Business: Machine Shop
Location: Lansing, MI
Refund: $55,800
Outsmarting the Complexities of Workers’ Comp Premium Calculations
Currently, there is no central source for workers’ compensation data in the US, though each state government collects some claims information for its private industry, state, and local government employers. The federal government maintains separate workers’ compensation databases for federally-governed employers. Organizations, such as the National Council on Compensation Insurance (NCCI), and the Workers Compensation Research Institute also collect claims information in many US states.
Standardized data coding systems are used for workers’ compensation claims information in many but not all US states. The coding systems differ in purpose, scope, and data elements. NCCI and independent state rating bureaus have developed coding systems for industry risk classifications.
–The National Institute for Occupational Safety and Health (NIOSH)
Seeing Through the Numbers
As highlighted by the NIOSH, the US does not have a central source for workers’ compensation data. Subsequently, workers’ comp coding systems are often convoluted. And because insurance carriers profit from higher workers’ comp premiums, why would they spend extra time and effort to ensure your business is not overcharged? This is where CompWize steps in; we analyze thousands of data points with one simple goal—saving your business money.
Industry-Spanning Success
CompWize, our proprietary workers’ compensation analysis software, accurately pinpoints data discrepancies within premium calculations, helping businesses across all industries recover their overpaid premiums.
- Construction & Contracting
- Machinery & Equipment Manufacturing
- Industrial Machinery Repair & Maintenance
- Wholesale & Distribution
- Restaurants & Hospitality
- Telecommunications
- Retail
- Nursing Homes & Assisted Living Centers
- Auto Dealers & Garages
- Not-for-Profit Organizations
- Aerospace
- Tourism & Travel
- Fitness & Wellness
- Consumer Electronics
- Pharmaceutical
- Medical Device Manufacturing
- Furniture & Interior Design
- And more!
