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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.
robertjstillwell.com › workers-compensation-audit
Clearly, complying with a workers’ compensation premium audit is essential—both for your pocketbook and to protect your company. To make the process run smoothly, keep in mind the top six common mistakes to avoid during your workers’ comp audit. 1. Incorrect Payroll Estimates.
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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.
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.
Oct 18, 2023 · Preparing for a workers’ comp audit is an easy way to minimize stress. In this article, we will review the audit process and provide you with a general idea of what you can expect during an audit.
- Nathan Weller
Oct 27, 2023 · In fact, most states require that all small businesses carry workers’ comp insurance. Since it's normal for businesses to add and lose employees, your insurance carrier needs to make sure you have the right level of coverage for your business.
Oct 16, 2023 · Published Oct 16, 2023. Each state has different requirements for workers’ compensation insurance, but many of them have at least one thing in common: A workers’ compensation audit is required to make sure you get the right coverage for your business and your team.
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.
