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Requirement of your Workers Comp policy
- The Audit is a requirement of your Workers Comp policy. This is a policy condition and there’s no way around not doing it. Even if you’re enrolled in a Payroll Billing program (more on this below), the audit is still required.
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The majority of states and the National Council on Compensation Insurance (NCCI) require insurance providers to audit most workers’ compensation policies. Once your workers’ compensation policy term expires, your insurance provider will notify you of an audit within 60 days.
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May 10, 2024 · Your workers’ comp policy requires audits to verify your estimated payroll. These audits help make sure you’re paying the right amount for the right coverage. Depending on your state, workers’ compensation audits can also be a legal requirement.
Why do I report payrolls for the prior year? Your workers' compensation coverage is based on estimated payrolls. Once your policy expires, we send out the audit form to gather the actual salaries you paid your employees and compare the two.
Workers' Compensation insurance 101: Preparing for an audit. As a workers’ compensation policyholder, you may be asked by your insurance company to complete a premium audit. Below, we answer some frequently asked questions about worker’s compensation premium audits and how to avoid surprises.
Oct 18, 2023 · Every company that issues workers’ compensation insurance reviews policies at the end of their terms, so you can’t avoid an audit. However, you can make the audit process easier if you opt for pay-as-you-go workers’ compensation.
- Nathan Weller
Nov 7, 2023 · Like an annual doctor’s physical, your workers’ compensation premium audit is meant to check up on the health of your policy every year and ensure you’re paying the right amount for the right coverage. During the audit, your company’s payroll and job classifications will be verified.
What is a workers’ compensation audit, and what do I need to know? As a business owner, you may be asked by an insurance company to review your company’s payroll documents. This is called a workers’ compensation premium audit.
