Orlando, FL – Most workers’ compensation attorneys in Orlando will be able to help you when dealing with insurance companies. Here are a few things that all companies should know.
With the worker’s compensation rates fluctuating in the market, companies are mostly unaware of the offered rates of their insurance companies, and readily subscribe for a worker’s compensation policy. While it might seem that your insurance company has offered you a low or suitable workers compensation rate, it is not definite that such will surely be the case! Most insurance companies adopt a very roundabout and suspect way of offering their client companies suitable rates in the insurance policy. They tend to muddle or confuse the companies about the overall costs, premium rates and the impact of the Modification factor on the total cost of the insurance policy, which results in a company paying more than they initially thought of.
It is very important for you to be aware when it comes to dealing with your insurance companies for the settlement of a worker’s compensation policy plan. Insurance companies will definitely not want you to know how they successfully muddle you, as you will surely ask for a refund if the cat got out of the bag!
Therefore, it is ideal to know what the insurance companies don’t want you to know! What better way to beat them at their game than being well informed of their various tricks and preventing them from taking advantage of you? Following are some elements which the insurance companies would not want you to be aware of.
Errors in Audit Premium Calculation
Most insurance companies have premium auditors who have to face an extensive amount of workload, where they are required to audit a large number of policies. Due to poor training of personnel and the extensive workload, payrolls are calculated with errors, which are either overstated, not classified or not restricted according to the legal audit rules and statutes. This results in a huge cost for the company of which they are completely unaware of.
Wrong Comparison of Company Losses
The right way to calculate and estimate the actual rate is to compare the number of actual accidents and injuries in a company, with the average loss estimated for all the companies in the state. This gives a clear idea about the most suitable workers’ compensation rate to offer a company in an insurance policy.
But what some insurance companies do is that they calculate a rate based on a formula, which compares the past premiums of the company with its past losses. Therefore, it results in a wrong rate estimate which proves costly for the company.
No Recommendation for Independent Audits
With a large number of errors and miscalculations in the insurance sector, no insurance company would want you to apply for an independent audit, as it would reveal their faults. Their errors can range from simple miscalculations to the extent of the wrong classification of codes, which is sure to cost your company a decent amount over the years!
As your insurance company is not likely to recommend you to an independent audit, you are surely paying more than the amount you should be liable for, it is best to know what your insurance company is hiding from you. This is so that you don’t end up spending too much on policies which could have been easily avoided with an easy follow up.
You surely don’t want to spend an unnecessarily large amount for the insurance policy to your insurance provider, while compensating your injured victim when he makes a claim with the assistance of a worker’s compensation attorney in Orlando.
Orlando Workers Compensation Attorney Contact Information
Contact Vaughan Law Group’s Orlando Workers Compensation Attorneys today for your free initial consultation. You can contact Vaughan Law Group at (407) 434-0074.
