In today’s economy, it is very difficult for business owners to find opportunities to improve their bottom line without spending money. Blue Coast Financial Group provides a service that accomplishes just that. Blue Coast is a Clifton Park company that works with business owners and CFOs to reduce their operating costs and recover overpayments. One of their offerings is a FREE review of the last 5 years of workers’ compensation insurance premiums. They provide this service through the leading independent workers’ compensation premium recovery firm in the United States. The fact that this company is independent means they don’t sell insurance. Their only interest is to save money for their clients.
“In over 70% of the audits we perform, the results are lower future premiums and/or recovery of past overpayments”
According to Atkinson, the insurance companies audit policies, usually on an annual basis. They do this to make sure that a company is paying enough in premiums. Blue Coast does the opposite. They make sure a company isn’t paying too much. Due to the constant changes in the workers' compensation industry, including rating bureau (state specific and NCCI) rules and regulation changes, policy changes, the application of incorrect rates, discounts, classifications, experience modification calculations, and erroneous payroll and audits, overpayments are likely to occur. A qualified premium audit specialist, who has the expertise to identify even the most obscure errors and missed discounts, will review policies and payments, along with payroll and experience records, to find any situations that may have caused a company to overpay.
Ms. Atkinson further explained that Blue Coast’s audit specialists work strictly within insurance laws and contractual obligations. Their “secret” is a combination of experience, a thorough knowledge of the industry, and meticulous attention to details. Insurance carriers are not going to refund overpayments, or correct errors that they made, without documentation showing the proper discounts and calculations that were missed in the vast insurance code. Blue Coast Financial Group provides that needed documentation for their clients.
As an example, Blue Coast recovered $184,526 for a small surgical goods manufacturer with less than 100 employees. An incorrect code classification on their policy revealed this gross overpayment. While these results are not experienced by all clients, they are not uncommon. Atkinson stated, “No matter what the results, the client wins. They will either recover past overpayments and save on future premiums, or gain the peace of mind from knowing that they are taking advantage of every possible deduction and discount that they legally and ethically can”.
Atkinson concluded “Here’s the best part: Blue Coast gets no payments up front. We only get paid if we save clients money….so our goal is to get the maximum refund allowable. If there is no refund – there is no charge. With this free premium audit review, clients can recover any premium overpayments that have been made during the last 5 years…and we do all of the heavy lifting”.
Further information is available by contacting Lynn Atkinson at 518-664-1607.
