Financial expert Mark Friedman says businesses could get a stimulus package by mining their own Workers Compensation insurance policies for refunds--and save taxpayers billions.
Online PR News – 30-April-2009 – – Brooklyn, NY--Mark Friedman is CEO of Compensation Refund Co.--a New York consulting firm in Workers Compensation Insurance analysis. Friedman maintains, "If companies would audit their own Workers Compensation premium payments for the past seven years, they might have come up with enough money in refunds--money owed to them--to get their own stimulus package and save taxpayers more wasted bailout billions."
Unlike C-suite executives rewarded with million dollar bonuses for billion dollar blunders, Mark Friedman is a bookish numbers cruncher with the soul of an actuary. In a world of specialization, Friedman is a financial expert with a laser focus.
Compensation Refund Co. doesn't sell insurance. They audit the auditors for Workers Compensation insurance policies. They analyze and recover premium overpayments and overcharges for businesses, schools, hospitals and non-profit organizations. Many CFO's --who thought they were on top of Workers Comp issues--were pleasantly surprised when Friedman's team netted them refunds of tens of thousands of dollars. For one real estate management company, they brought in a whopping refund of $492,485.52.
Friedman's conversation is peppered with expressions like 'Experience Modifiers' and 'Loss Costs Multipliers.' Champions of businesses struggling to stay afloat in the Recession, his team fights the good fight to recover lost money for companies big and small. Friedman may not have memorized the fat manuals of Workers Compensation insurance--with their intricate maze of details and constantly changing class codes and regulations. But it's easy to believe he has.
"As much as 40% to 60% of all businesses get overcharged on their premiums. And most companies never know it… losing tens of thousands of dollars in overpayments. Most employers look at Workers Compensation insurance as just another unavoidable business expense. They sign the forms and never give it a second thought. But companies should analyze their Workers Comp policies. They just might turn out to be a means to recover lost money and repair a leaky bottom line," says Mark Friedman, of Compensation Consulting Services, Inc.
Perhaps we should be writing to our representatives to stop taking bailouts from the people's pockets and get back some of corporations' own Workers Compensation overcharges to foot the bill.
Are you listening, Mr. President?
About Compensation Consulting Services: Compensation Consulting Services, Inc. is the leading workers compensation insurance consultant and recovery firm in NY and NJ. We have offices in New York City, in upstate NY and in central NJ. The company's highly professional staff includes individuals with over 20 years of workers compensation experience.