Nonprofit Work Comp Premium Audit Services
Your nonprofit may be overpaying for workers’ compensation. Work comp premium audit services can help you recover your funds.
Nonprofit organizations are always trying to find cost-effective ways to further their philanthropic efforts. Because operating budgets can be very tight, there’s no room for wasted dollars. Every penny saved is another penny that can help nonprofits provide valuable services that make their communities better. Unfortunately, many nonprofits are overspending on workers’ compensation premiums.
Nonprofits Are Major Employers
Nonprofits aren’t just a valuable source of services. They’re also a valuable source of jobs. According to the U.S. Bureau of Labor Statistics (BLS), around 10% of all private sector employees work for nonprofits.
These employees face many risks. In addition to the regular injuries that all workers face – such as traffic injuries, falls, and ergonomic injuries – the nature of nonprofit work may expose workers to additional risks. For example, many nonprofits work in the health and social services sectors, which are known to have high injury rates. These injuries can include exposure to harmful substances and intentional injuries caused by other people, such as clients exhibiting erratic behavior.
Workers’ Compensation Costs Can Be High
Nonprofits are required to protect their employees with workers’ compensation insurance the same way for-profit companies are. Because of the risks associated with certain types of nonprofit work, the rates can be high. These costs are necessary, but they also increase the organization’s overhead and cut into the funds available for philanthropic services.
The problem is further compounded when nonprofits overpay for workers’ compensation due to common errors that creep into rate calculations.
Many Nonprofits Are Overpaying
We conduct workers’ compensation audits, and 80% of our forensic accounting reviews reveal an overpayment.
These overpayments are the result of common mistakes, including:
- Errors in the mod calculation
- Errors in claim valuation
- Payroll errors
And although every penny counts for most nonprofits, we’re not talking about mere pennies. An audit of one nonprofit revealed $183,000 in workers’ compensation overpayments over a 12-year period.
Recover the Funds Owed to You
We work on a contingency-fee basis. You don’t pay anything upfront. If our audit uncovers an overpayment, we take a percentage of the amount we recover. If our audit does not uncover any overpayments, you pay nothing.
You have nothing to lose and potentially thousands of dollars to gain.
In addition to constantly monitoring your workers’ compensation premium payments to ensure that you’re not paying more than you should, we can also make recommendations that can help you lower your premium costs in the future.
Working Together to Support Your Philanthropic Goals
Nonprofits provide valuable services that make our communities better and stronger. Here are at CRC, we understand that you need to make your budgets stretch as far as possible in order to achieve your organization’s goals. We can help by making sure you’re not wasting money on workers’ compensation overpayments.
Are you ready to stop overpaying? Our work comp premium audit services can help. Get in touch.