Workers' Comp: Paring Premiums
Workers' compensation premiums have leveled off after a decade of hefty increases, but many employers feel the cost is still too high. Enter expense-reduction consultants, who find savings through audits. Such firms have long examined utility bills. Now, a growing number do workers' comp analysis. Len Schiff of Workers' Compensation Services Inc. (303 368-8254) spent 30 years in Colorado's workers' comp division. He says insurers and their clients often miss deductions and discounts. TMC/Premium Analysis Inc. in Babylon, N.Y. (516 422-3173) says it has found 75% of its clients overpaying on premiums. Fees are a percentage (usually about 50%) of what the auditors save you.