Most Companies Unknowingly Overpay Workers Compensation Premiums

What your insurance agent doesnt tell you about your policy might be costing your company hundreds of thousands of dollars every year. Fortunately, companies with high premiums may see relief soon.

(PRWEB) February 4, 2005 -- Workers Compensation premiums are a major expense for most businesses today. This government mandated insurance is required for every business with employees and can sometimes hurt a companys profits more than taxes. Because of heavy government involvement and confusing pricing structure, most businesses pay premiums without second-guessing their insurance agent. By whole heartedly handing over the full amount their insurance agents request of them, most business overpay their premiums by ten percent.

Workers compensation overcharges occur because of a complex system put in place and governed by clerical personnel and actuators in 50 states. Premiums are based on a complex system of calculations which take into consideration items such as: payroll amounts, experience, and other pertinent safety information. Insurance agents collect all this information when creating a policy but, according to recent studies, most insurance agents do not monitor all these variables as thoroughly as they lead us to believe. They send in auditors yearly to check certain aspect but barely scratch the surface of what might be costing your business thousands of dollars every year.

Government officials in most states are working on bills to simplify the code and save business money but many believe this is too little too late for companies that have been paying outrageous premiums for decades. Fortunately, for those companies paying the highest premium amounts, relief is available immediately. Businesses which pay out more than $30,000 annually in workers comp premiums can apply for a free review of their policy with Benevolent Business Services Corp. BBS will examine your policy for the previous five years to determine if you have overpaid. Besides reducing premiums for this year and beyond, they might even be able to convince your insurance company to refund a portion of what you have paid in the past. The service has been very successful so far and there are plans to begin servicing smaller companies before the end of this year. To have your policy reviewed, free of charge, you can visit BBSs website at www.wchelp.com or call them at (877) 369-1118.

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