Workers' Comp
Review what workers' comp pays for, from medical care to lost wages.
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.
Get Started
Get a Quote for Workers' Comp Audit Assistance
FAQ
Frequently Asked Questions
What is a workers' compensation insurance audit?
A workers' comp audit is a routine review your insurer conducts, usually at the end of your policy term, to compare your actual payroll with the estimates your premium was based on. The audit makes sure you paid the right amount for your coverage. You may owe additional premium if your payroll was higher than estimated, or receive a refund if it was lower.
Why is my business being audited?
Workers' comp premiums are based on estimated payroll at the start of the policy, so insurance companies audit most policies to reconcile that estimate with actual payroll and business operations. Audits also verify that employees are classified correctly and that subcontractors have their own coverage. It is a standard part of most workers' comp policies.
How should I prepare for a workers' comp audit?
Gather your payroll records, tax filings, and a list of every employee along with their job duties. Keep certificates of insurance from any subcontractors you hire, since uncertified subcontractors can be added to your payroll. Reviewing employee classifications with your agent before the audit can help you avoid overpaying.
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