No. The Leahy Company does not represent any insurance companies and is only interested in securing refunds of past and current premium overcharges. In addition, The Leahy Company will not try to replace your current insurance company, agent, or broker.
Insurance company auditors perform annual audits to adjust the estimated premium to final/earned premium, not to rectify potential errors.
Experience Modification Ratings are calculated based upon a complex formula using years of historical data about your company, including prior years’ losses and payrolls. When the data contains errors, or the formula is improperly applied, the result is an incorrect Rating that could cost you money.
The only thing we require of you to begin our work is a signed one-page Letter of Agreement and a signed Letter of Authority on your company letterhead – everything else is done by us, in our office. After we begin our work your role is limited to the potential receiving/forwarding of an email or two (sometimes the data that we request will be sent to you via email).
In rare instances we will need you to send an email request for documentation – in this case we will draft the request so that you would only need to cut/paste/send. Our service is remarkably hands-off from your clients standpoint.
It is normal to be worried about your relationship with your insurance providers, however, our involvement will not adversely impact these relationships.
We have worked successfully with many agents, brokers, and consultants to recover money for their clients (in fact, many of our clients were referred to us by their agents, brokers, and consultants). They realize that what is good for their clients is what matters most. Our work is highly specialized and requires a deep and narrow level of expertise; this is all that we do!
Our fee is contingency based so that you only pay for results, not effort or good intentions. You will have a refund, credit, or reduced premium in hand before any money is due to The Leahy Company. This offers you two strategic advantages:
Excellent Experience Modification Ratings are not necessarily accurate Experience Modification Ratings. The fact is that if your Rating is higher than it should be, you have paid too much in premium. Because we work on a contingency-fee basis, you have nothing to lose.
Since we rely on the insurance carrier(s) as well as the appropriate Rating Authority(ies), the time it takes to gather the required information/data fluctuates with each case, but typically it will take about 2-5 months from start to finish. This is because we conduct an extensive examination of your previous experience and workers’ compensation records. We will keep you updated on our progress throughout the process.
In order to review all of the variables that are used to determine your annual workers’ compensation premiums we will gather all of the documentation (loss runs, policies/audits, worksheets, etc.) directly from your insurance carrier(s) and the appropriate Rating Authority(ies). We will then review these variables to identify any errors.
If errors are found, we will work with the appropriate parties to have them corrected. The result is the reduction of your current premium and/or a credit or refund check from the carrier(s), sent directly to you.
The errors and overcharges that we correct are not made intentionally. There are many factors involved in the calculation of the different variables used in the determination of your annual workers’ compensation premiums.
Your Experience Modification Rating can be based on policy/claims history from as many as three different insurance carriers; there are a lot of moving parts and a lot of different parties involved in the process which is fraught with opportunities for mistakes to be made.