Premium Audit Service for Refunds
Premium Audit Review for Lost Premiums
(This service is not part of the Consultancy Program)
As part of this service, we check the policy for errors and recover lost premiums. Why do we coin it as a “Lost Premium”? When errors occur on the policy, you may end up paying either too little or too much for your premium. These premiums are considered paid, completed, and finalised at the time they are paid. As a result, these premiums are lost in the system, and we conduct a review encompassing everything from industry classification to wage auditing to recover any lost premiums. To provide this service, we will require all remuneration data from the previous 5 years in the form of an excel spreadsheet. This review could take up to 2-3 weeks to complete depending on the size and complexity of the policy. If there are any unrecovered premiums, we will file a refund claim with your insurer. There will be no service charges if there is no recovery.
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Disclaimer:
The information in this post is strictly for informational and educational purposes only and should not be construed as legal advice. It is not intended to express specific opinions about specific cases. Before acting on any of the issues discussed in this post, seek additional advice. The information provided should not be relied on for any purpose other than to assist you in understanding how Workers’ Compensation insurance works. It is for illustrative purposes only and My WorkCover Solutions Pty Ltd does not accept liability for any loss or damage suffered by any person resulting in any way from the use of or reliance on, the information provided. The information in this article is believed to be correct as of the date of publication. However, changes in the applicable laws may have an impact on the accuracy of the material. This article contains general information that is not tailored to any specific person’s situation. This publication may contain information that relates to the regulation of Workers’ Compensation insurance in your State or Territory. To ensure you comply with your legal obligations, we would recommend you refer to the appropriate legislation as currently in force in the State or Territory you conduct your business. You can find up-to-date legislation by visiting each state’s WorkCover Authority website, alternatively contact myWorkCover for updated information.
