Policy Premium is based on annual estimated payroll. An audit simply verifies the actual total payroll for all officers, employees, subcontractors, and casual laborers. Proper classification of all officers, employees, and subcontractors based on the job they perform is also determined. Participation in the Monthly Self-Reporting or Pay-As-You_Go Payment plans does not except you from a final audit.
How to Avoid Audit Surprises
Your final workers’ compensation premium is determined from the actual payroll of your business versus the estimated payroll provided at policy inception. Audit surprises most often result from changes to the number of employees, their job duties and subcontractors hired. By notifying your insurance agent when any change occurs, we can adjust your policy accordingly and help you avoid these surprises at audit. Please also note subcontract charges are based on proof of a valid workers’ compensation policy or Certificate of Exemption for the hired subcontractor. Collecting these documents during the policy period will ensure a timely audit is processed and no surprises for you.
We will have the auditor make two good faith attempts to perform the audit of your policy. If the auditor is unable to contact you to schedule your . audit, your current policy will be subject to cancellation and reinstatement will not be offered until this audit is performed.
Records Needed For Your Audit
The auditor will need to see the following records:
If You Don’t Agree with the Audit
If you do not agree with the results of your audit, you will need to send a formal dispute request. The dispute request must be on your company letterhead and be signed by an owner/officer of the company. Your dispute, must state the reason you disagree, and include any supporting documentation. Remember to include your name and policy number on the dispute. The written dispute may be sent to us direct at [email protected] or be presented to us, on your behalf; by your agent.
Audit Payment Plans
Payment plans for an additional premium that may be owed based on your policy’s payroll audit may be available upon request. Please call POLICY SERVICE at 866-469-3224 or email us [email protected] if you would like further information.