• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Location Map
  • Employee Directory
  • Privacy Policy
  • Contact Us
"Insurance That Comes with an Agent"
                         
Our
Agents
Are
Standing By | 225.292.7680
Home
  • Home
  • Get A Quote
  • Customer Service
  • What We Offer
    • Annuities
    • Auto Insurance
    • Business Insurance
    • Dental Insurance
    • Flood Insurance
    • Health Insurance
    • Home Insurance
    • Life Insurance
    • Limousine Business Insurance
    • Motorcycle Insurance
    • Pet Insurance
    • RV Insurance
    • Renters Insurance
    • Watercraft & Boat Insurance
  • Blog
  • Resources
    • Make a Payment
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Us
    • Employee Directory
    • Location Map
    • Privacy Policy
    • Customer Testimonials
  • Contact
    • Contact Us
    • Join Our Newsletter
Auto Insurance AUTO

Auto insurance protects you against financial loss if you have an accident.

Read More
Homeowners Insurance HOME

A standard policy insures the home itself and the things you keep in it.

Read More
Business Insurance BUSINESS

Discover the perfect insurance options to meet your specific and unique needs.

Read More
Life Insurance LIFE

Browse a variety of insurance options in order to find the right one for you.

Read More
Health Insurance HEALTH

Learn about different health coverage options that fit your specific needs.

Read More
Boat Insurance BOAT

Finding insurance doesn't have to be difficult. We do the work for you.

Read More
Home > Blog > Workers’ Compensation Premium Audit Tips
WEDNESDAY, DECEMBER 22, 2021

Workers’ Compensation Premium Audit Tips

At the end of every workers' compensation policy period, insurance carriers conduct audits to ensure that paid premiums accurately reflected a business’s operations over the duration of the policy period. This is necessary, because premiums paid at the beginning of the policy period are only estimates based on projected payroll and assigned employee classification codes. 

These audits can be done by phone, mail or in person, depending on the assigned auditor. Workers’ compensation premium audits are very common and, once completed, can indicate if any additional premium is owed, or if any credits need to be returned or applied to the next policy. Some business owners select “pay as you go” workers’ compensation policies to help reduce their exposure to large audit balances. Premiums for these types of policies are based on actual payroll and are reported/paid in real time, contrary to that of traditional estimated programs. 

To give your company the best chance of receiving a returned premium credit, it is critical to maintain proper recordkeeping. 

Other important items to note include: 

1. Payments to paid furloughed employees—If you have continued paying employees to stay home and not work while your business operations have been suspended because of a federal, state or local emergency order, you need to identify the wages your company has paid to furloughed employees and provide them to your auditor during your audit. 

2. Temporary changes in your business operations—If you temporarily change your operations because of a federal, state or local emergency order, you must identify these changes. Such operational adjustments may affect the rating and classifications on your policy. 

3. Employees working from home or being assigned different job duties—If your employees are temporarily being paid to work from home or have been assigned different job duties, you must note this on your payroll records and provide these new duties to your auditor. 

It is in your best interest to know your workers’ compensation classification codes, payroll and subcontractor payments prior to any audit. For more information on how to prepare for workers’ compensation audits, contact us today. 
Posted 9:52 AM

Tags: workers, compensation, coverage, commercial, business
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016

  • insurance(23)
  • general liability insurance(16)
  • workers compensation insurance(12)
  • workers compensation(10)
  • coverage(7)
  • baton rouge(7)
  • business insurance(6)
  • louisiana(5)
  • general liability(4)
  • workers(4)
  • commercial(4)
  • home insurance(4)
  • compensation(4)
  • auto insurance(3)
  • liability insurance(3)
  • boat insurance(3)
  • health(3)
  • business(2)
  • life insurance(2)
  • risk management(2)
  • holidays(2)
  • general(2)
  • healthy living(2)
  • homeowners(2)
  • liability(2)
  • commercial general liability insurance(1)
  • auto longevity(1)
  • spring(1)
  • rv license(1)
  • car maintenance(1)
  • family(1)
  • bodily(1)
  • term life policy(1)
  • break-ins(1)
  • umbrella insurance(1)
  • winter(1)
  • workers comp(1)
  • safe driver(1)
  • chronic pain(1)
  • auto tips(1)
  • holiday decorating(1)
  • risk(1)
  • builders risk insurance(1)
  • commercial auto insurance(1)
  • insurance terminology to know(1)
  • christmas holiday(1)
  • basic insurance terms(1)
  • decorating safety tips(1)
  • baton rouge home insurance(1)
  • cyber liability insurance(1)

View Mobile Version
Facebook
LinkedIn
Yelp
Google+
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Carriers
Twitter Logo
Tweets by @iiiorg

Resources

Home About Us Get a Quote Customer Service Refer A Friend Contact Us

Contact Us

Map
  • 5432 Superior Drive Suite A
  • Baton Rouge, LA 70816
  • Office: 225.292.7680
  • Fax: 225.292.7526
© Copyright. All rights reserved.
Powered by Insurance Website Builder