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- Although all audits have the same objective—making sure you’re paying the right amount for coverage—not all workers’ compensation audits are the same. The kind of workers’ comp audit your business receives depends on the size and industry of your business operations and your insurance premium amount.
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Although all audits have the same objective—making sure you’re paying the right amount for coverage—not all workers’ compensation audits are the same. The kind of workers’ comp audit your business receives depends on the size and industry of your business operations and your insurance premium amount.
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Are all workers' comp audits the same?
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What happens during a workers' compensation premium audit?
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
All workers’ compensation policies are subject to audit. They are typically performed by insurance providers on an annual basis. Depending on your insurance provider, audits will occur roughly three to six months after the end of your workers’ compensation policy term.
May 10, 2024 · A workers’ comp audit ensures employers are paying correct premiums and audits help businesses stay on track, so they don’t pay too much versus what they owe. Learn more about workers’ compensation audits from The Hartford and review our workers’ comp audit checklist to make sure you are prepared.
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.
Workers’ comp audits are not only a contractual obligation, but also a legal requirement in many states. Audits can typically be done by phone, in person (called “field audits”) or online. The auditor will ask for your payroll records and likely ask questions about your business.
A workers’ comp audit is an end-of-year process that ensures your business paid the right amount for workers’ compensation insurance. During an audit, your business insurance provider will double-check your payroll and other records and, if necessary, adjust the price of your workers’ comp for the previous year.
