Estimated versus actual exposure
Policies are often priced using estimated payroll and business activity. A premium audit checks actual records for the completed policy period.
Records to organize
Prepare payroll summaries, employee classifications, quarterly tax forms, general ledger records, profit and loss statements, subcontractor payment registers, and certificates of insurance.
Document the reasoning
When a record is incomplete, note the reason, the responsible person, and the next action. A visible issue log is easier to resolve than an unexplained folder of files.
Continue preparing
- Workers Comp Audit Checklist: Records to Collect
- Subcontractor Insurance Audit Checklist
- How to Prepare for a Workers Comp Audit
- Payroll Records for a Workers Comp Audit
Create your free launch account to organize your records in Audit Shield.