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Independent Agents: Frontline Defenders Against Premium Fraud

When equipped with the right information, insurance agents can play a key role in identifying and preventing workers' compensation premium fraud.

By Ranney Pageler | Updated on May 10, 2011

Workers’ compensation insurance premium fraud has long been a serious problem in Florida and across the country. When business policyholders falsify company data to reduce their premium, it has negative financial and legal ramifications for everyone, including independent agents. However, equipped with the right information, agents can play a key role in identifying and preventing premium fraud.

Continuously faced with financial pressures no matter what the economic climate, some policyholders are unfortunately tempted to manipulate data in order to lower their workers’ compensation insurance premiums. Not only is this fraud illegal, it adversely affects producers’ and carriers’ bottom lines, leads to higher costs for honest businesses, and often places additional legal burdens on agents.

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