JL_risklogo.png

Workers Comp Audit Stress Reducer
Use It For Your Next Premium Audit

Workers Comp Premium Audit Necessary For All Policies?

Facebook
Twitter
LinkedIn

Term Of The Day – Workers Comp Premium Audit

A Workers Comp Premium Audit – A methodical examination of an insured’s operations, records and books of account. The audit is performed to determine the actual insurance exposures for the coverage provided and concluded with a report of the findings.

Vector Graphic Of Files workers comp Premium Audit Document
StockUnlimited

A premium audit will be conducted on your Workers’ Compensation or other commercial insurance policy. The primary function of the audit process is to determine the actual payroll, sales, subcontract cost, or other exposure used in calculating the final premium on your policy. Your premium will be adjusted as a result of the audit. If exposures have been underestimated, an additional billing will result. If exposures have been overestimated, a billing credit will result.

There are three types of Workers Comp premium audits – mail, telephone, and physical . Policies with large premiums will usually require a physical audit. Premium audits are usually completed 30 – 60 days after a workers compensation policy expires.  The Workers Compensation premium audit bill will usually arrive within 30 days after the premium audit.

Please remember that you are on a time clock to either pay or dispute the bill.

An audit can be disputed if they employer disagrees with one or more parts of the way the business was audited by the premium auditor.

©J&L Risk Management Inc Copyright Notice

Facebook
Twitter
LinkedIn

Related...

James J Moore - Workers Comp Expert

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

Subscribe

Get the latest workers' comp news FREE!

Name
This field is for validation purposes and should be left unchanged.