Almost The Time Of Year for Workers Compensation Audits
Its that Workers Compensation Premium Audits Time of the year – almost.
With the largest number of employers renewing on January 1, the number of audits increase dramatically in January and February. If your Workers Comp policy renewed on 1/1, you should very soon hear from the insurance carrier’s auditor for your 2008 – 2009 policy year.
How do I know this info?
We receive many calls from employers right after their Workers Comp premium audits and 100% of them are not happy. That is why we receive calls very heavily in the months of January, February, and March. The employer has received the Workers Comp audit bill and they do not agree with the results. If your company is in this situation, what should you do first?
We recommend getting out your original Workers Comp policy and compare it to your audit. Does it make sense? Things such as a sharp increase in your payroll may make the audit bill larger than was anticipated.
One big mistake that an employer can make upon receiving an audit bill is to ignore it or just refuse to pay it. Insurance carriers are now very assertive in cancelling your current policy with just a few days notice for not paying the prior year’s audit bill. We do not recommend disputing the bill and audit unless there are areas on the audit that are incorrect.
How do you know whether or not your insurance premium audit and bill are correct? I have posted many blog posts about this situation. You can use the search box at the top of this blog and search for the word audit. This should give you a very long list of articles. If you still are not sure, please email or call me.
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