Best Premium Audit Software For Employers – You Have It

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Best Premium Audit Software

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The best premium audit software may already be right in front of you and costs nothing to use.  We receive many calls every week where an employer is very anxious about their workers comp premium audit.  One of the main questions is how to properly prepare for this yearly necessity.   

The best way to begin to prepare is with the right premium audit software.   

By the way, the premium audit software the auditors use is very limited in availability.  I have often been asked what the best software is by independent premium auditors.  

The secret to any type of audit – be it tax, workers compensation, etc. is to be highly organized.  One of the worst ways to prepare is by just piling a large amount of paper in front of any type of auditor and then say – go through it.  

First impressions count in audits just as they do when meeting someone for the first time.  The best method is to have everything organized as much as possible.  Auditors – including premium auditors- by their nature are very organized workers.  

The software that you likely have on your computer right now can easily organize what you need to show the premium auditor.  Excel(R) or any other type of spreadsheet software is great for such a task.  One of the main determinants will be the auditor’s letter to you.  

The letter will point out what the auditor needs to complete the audit.  One important point is that you are not required to let the auditor leave with any of your business information.   If your company does not have Excel(R), you may want to try Apache’s Open Office.  

Graphic Of Apache Open Office Premium Audit Software Logo
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Calc is their version of a good spreadsheet program.  It is open source and free, but you should donate to the program if you use it for commercial purposes.  Programmers have donated thousands of hours of their time to make it work.   

I have seen some employers organize the payroll by classification codes based on their prior year’s audit.  Spreadsheet programs are perfect for this task.  This can be helpful if you know exactly what you are doing.  In some cases, this may cost you.  The main goal is to be concise and complete.  

If you use a payroll service, they can always run a yearly report.  Some even have a Workers Comp report template that you can use.  I just searched in my Excel 2010 for “yearly payroll” and was provided with a free template that with a few alterations may suffice.  

The main goal is to summarize all your payroll data as much as possible using a spreadsheet.  Premium auditors are under a tremendous time pressure.  Anything you can do to present your payroll information in summary form with backing data will always pay off in the long run.  

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt 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

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