Most employers don’t realize that if they are going to sign up, then they should sign up as soon as possible. Signing up right away means a bigger recovery, because there is a statute-of-limitations as to how many years we can go back, and it takes us time to do the work.
STEP 1: Send APEX a signed and completed Letter of Agreement and Letter of Authorization.
STEP 2: After we receive your signed agreement and authorization letter, an APEX representative will contact you to go over what your expectations should be about our audit process. Any remaining client concerns will be addressed. We will ask you a few questions to become familiar with your business operation. We will also verify your insurance company, type of insurance plan, state your company operates in, rating bureau and agent information.
STEP 3: We will also ask you to provide a copy of the original workers’ comp policy for the current year, as well as any dividend schedule, retro schedule, or any other premium calculations that add to the policy terms.
STEP 4: If you have available any of the past six years’ final premium audit statements, original policies and any premium calculations that add to the policy terms such as a dividend schedule or retro schedule, we will ask you to send those to us as well.
With your help (primarily your Letter of Authorization) we will be able to obtain any information you don’t have by working with your agent and insurance company(s).
We highly recommend that you have your account reviewed on an ongoing basis, as every annual policy renewal brings on new information that may contain new errors and overcharges.
Reductions may take more time if it takes longer than usual to obtain audit information needed for our audit review, so any information you have or are able to help us obtain will certainly speed up the process. Another key time-frame factor will be the level of complexity of issues identified for correction.
We make it our mission to keep our clients informed throughout the entire audit. Communication is key to our success.