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Premium Recoveries – Overlooked Business Growth Opportunity?

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.

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

data charts

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!
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