Insights

Building Stronger Business Relationships Through Shared Experiences

A business leader strengthened their network by focusing on shared experiences—like lunches, golf, or industry meetups—that build trust, create authentic connections, and open the door to long-term collaboration and referrals.

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Construction Company Receives $44,000 in Workers’ Comp Refunds

A construction company recovered $44,000 in workers’ comp refunds after Premium Recovery Experts uncovered years of misapplied payroll classification codes, ensuring accurate premiums and long-term savings moving forward.

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Change Is Inevitable!

Success during times of change comes from setting clear goals, maintaining daily focus, and practicing persistence—showing that clarity, discipline, and resilience are key to achieving results in any environment.

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Nonprofit Organization in California Recovers $25,000 in Workers’ Comp Refunds

A California nonprofit recovered more than $25,000 in workers’ comp refunds after Premium Recovery Experts uncovered EMR errors and employee misclassifications that had inflated premiums for multiple policy years.

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The Power of Consistency

A sales professional built a stronger pipeline and long-term success by committing to consistent daily actions—proving that discipline and persistence outperform occasional bursts of effort.

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Small Community Hospital Recovers $141,000 Through Workers’ Comp Audit

A small community hospital recovered $141,000 in workers’ comp refunds and future savings after Premium Recovery Experts uncovered more than 30 employee misclassifications that had inflated premiums for years.

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Five Ways to Reduce Your Workers’ Comp Premium

As a business owner, workers’ compensation insurance is essential. Understanding how the system operates can help minimize costs and ensure you receive appropriate coverage. Here are five effective strategies to achieve this:

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01

Ensure Accurate Recordkeeping

Respond promptly to job injuries and establish a clear process for providing employees with proper care. Communicate with your agent to tailor your approach based on injury types, recognizing that each case is unique. Assessing injuries upfront facilitates smoother recoveries and potentially lowers future premium rates.
02

Evaluate Experience Modification Factors

Don’t assume your experience modification factors are accurate. Verify payroll and claims data, along with job classifications. A favorable modification typically encompasses your business's last three years of data. Leaving claims open or experiencing rising injury costs can increase premium expenses unexpectedly.
03

Prioritize Safety Measures

Educate employees on safety protocols and instill a culture that values safety. Implement training programs to ensure compliance with safety policies. Businesses with robust safety measures often enjoy lower insurance premiums.
04

Implement Cost Allocation Strategies

Link insurance costs to management budgets to incentivize accident prevention. By empowering managers to minimize workers’ compensation claims, you can secure more favorable rates.
05

Investigate Near-Miss Incidents

Thoroughly investigate all accidents, gather witness statements, and analyze findings to prevent future incidents. Near-miss incidents should be scrutinized to understand why they occurred and to prevent similar occurrences. During your annual workers’ compensation insurance audit, review your records meticulously to ensure accuracy. Correct data enhances your chances of obtaining competitive premiums.

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