What is a Workers' Comp Audit?
A Workers' Comp audit is a routine review of your business's records to ensure that the premium you paid for the policy year accurately reflects your actual payroll and business operations. Since premiums are initially based on estimates, the audit reconciles those estimates with real data to determine if you owe additional premium or are due a refund.
Our Audit Assistance service is designed to help you navigate this complex process, ensuring that your data is presented accurately and that you aren't overcharged due to misclassification or clerical errors.
Why Do You Need Audit Assistance?
Audits can be stressful and time-consuming, but professional assistance is invaluable for:
- Ensuring Accuracy: Verifying that payroll data and employee classifications are correctly reported to the auditor.
- Avoiding Overpayment: Identifying potential errors in class codes or experience mods that could lead to inflated premiums.
- Compliance Support: Helping you gather and organize the necessary documentation, such as tax filings, payroll records, and subcontractor certificates.
- Dispute Resolution: Providing expertise if you need to challenge the results of an audit.
- Future Planning: Using audit results to provide more accurate estimates for the upcoming policy term.
Proper preparation can save your business thousands of dollars in unexpected premium adjustments.
How We Help with Your Audit
Our comprehensive assistance covers every stage of the audit process:
- Pre-Audit Review: We review your records before the auditor arrives to identify and correct potential issues.
- Classification Analysis: We ensure each employee is assigned to the correct risk classification code.
- Subcontractor Verification: We help verify that all subcontractors have their own coverage to avoid them being added to your payroll.
- Auditor Liaison: We can act as a point of contact for the auditor, answering technical questions and providing clarification.
- Post-Audit Evaluation: We review the final audit report for accuracy before you accept the results.