RENO, Nev., Feb. 16, 2011 /PRNewswire/ -- The Workers' Compensation Insurance Rating Bureau of California (WCIRB) has recognized Employers Compensation Insurance Company (EMPLOYERS®) for its record of excellent payroll audit performance. EMPLOYERS achieved a test audit error ratio of 6.9 percent as compared to the California statewide average of 13.8 percent in 2010. WCIRB California's designation of excellence exemplifies EMPLOYERS' continuous commitment to operational excellence and best practices across all facets of the organization.
EMPLOYERS' 6.9 percent error ratio for payroll test audits completed by the WCIRB during the previous four quarters meets the Maximum Standard of performance. In accordance with the California Test Audit Program, Part I—Payroll Reporting program, EMPLOYERS is excluded from payroll test audit selection for the next two years. To meet the Maximum Standard, no more than 10 percent of the policies test audited may develop a difference in excess of $600 and 2 percent of premium at pure premium rates over the prior eight quarters. For the total eight quarters, EMPLOYERS' error ratio was 5.6 percent.
"EMPLOYERS is committed to excellence on behalf of our policyholders and WCIRB's recognition of excellence specifically illustrates the quality of work conducted by our premium audit department," said Sharon Morgan, vice president of premium audit, EMPLOYERS. "Our goals in premium audit are focused on quality and timeliness. The California test audit results, along with our exceptional 2010 timeliness results, differentiate EMPLOYERS in the market, enabling us to deliver best-in-class service to our policyholders."
About Employers Holdings, Inc.
Employers Holdings, Inc. (NYSE: EIG) is a holding company with subsidiaries that are specialty providers of workers' compensation insurance and services focused on select small businesses engaged in low-to-medium hazard industries. The company, through its subsidiaries, operates coast to coast. Insurance is offered by Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, and Employers Assurance Company, all rated A- (Excellent) by A.M. Best Company. Additional information can be found at: http://www.employers.com.
Copyright© 2011 EMPLOYERS. All rights reserved. EMPLOYERS® and America's small business insurance specialist® are registered trademarks of Employers Insurance Company of Nevada.
SOURCE Employers Holdings, Inc.