In an interview on the business news program “Close-Up On American Business,” Nationwide Risk Consulting president, Edward Kelly, announced that fully 75 percent of his company’s clients are paying at the wrong rate for their workers’ compensation insurance.
“Workers’ compensation insurance,” Kelly said, “has become one of the major payroll costs that most companies have to pay, and for most of them the rate they are being charged is wrong and they are due refunds.”
Speaking to “Close-Up” interviewer Doug Llewellen, Kelly described how his company works to ensure that clients are paying the correct rate for the type of work their employees perform. “First,” Kelly explained, “we gather a great deal of information about the client–both from internal and external sources. The more we know about what types of work a client’s employees perform and the better we understand their products or services, then the better we can determine if they are being charged the correct workers’ compensation insurance premiums.
“Next,” he continued, “we do a preliminary analysis based on the information we have gathered using software programs–some of which are proprietary to us–to assist us in forming some initial conclusions.
“Equally important is a visit to each client to validate the information we have gained and the preliminary conclusions we have drawn,” he said.
The full interview on “Close-Up On American Business” is available on the program’s Web site, www.closeuptvnews.com or on Nationwide Risk’s Web site, www.nationwideriskconsulting.com.
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