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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' comp audit?
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What happens during a workers' compensation premium audit?
Are all workers' comp audits the same?
A workers’ comp audit, or a workers’ compensation audit, is an end-of-year review of records. It’s conducted to ensure that your business has paid the correct premium for workers’ comp insurance. It may be done by mail, phone, or in-person, depending on the auditor and the business type.
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.
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.
Oct 27, 2023 · Learn about what to expect when your insurer performs an audit on your workers' comp coverage. Workers’ compensation insurance covers your employees’ medical expenses and lost wages when they suffer a work-related illness or injury. This makes workers’ comp one of your most important small business insurance policies.
Oct 16, 2023 · A workers’ comp audit makes your estimate accurate with your company’s actual (rather than best guess) payroll and class codes (an insurance industry term that classifies different job duties and their exposure to risk).
Feb 12, 2019 · Today, we’ll start getting into more detail by going over one specific part of every workers comp policy – the Workers Compensation Audit. What is the workers compensation audit and what is its purpose?
