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January 1st Renewals, Your Premium Audit Is Approaching


Upcoming Premium Audit For January 1st Renewals

The January 1st renewals for Work Comp policies have a premium audit approaching soon.

We receive many inquiries this time of year on preparing for a premium audit.  There are numerous articles in this blog on premium audits, including preparation.

Picture Of January 1st Renewals Calendar
(c) stockunlimited

Please note that we do not and you should not accept help from any company that may look to alter your policy, payroll numbers, classification codes, or anything else from your policy as preparation for your audit.

One can refer to this South Carolina article on what can happen if you try to manipulate your numbers upfront.  Your company should pay everything you owe each year for Workers Comp, but not one penny extra.

Auditors, by their nature, be they tax, insurance, or from other disciplines notice the insureds that are very unorganized.   Excel(r) can be a great aid in organizing your materials.

If you have been through a premium audit previously, look over the old audit.  You will likely be reminded of what the auditor was searching for in the data.  If you organize the audit using Excel and then attaching backing data to the Excel spreadsheet, the auditor will much appreciate the effort.

Papers January 1st Renewals Documents
Wikimedia Commons – Niklas Bildhauer

Anything you can produce to aid the auditor in the work will usually result in a smoother insurance audit process.

A few other areas to consider are:

  • Make sure you present all Certificates of Insurance for any subcontractors that you used during the last policy period
  • There is no rule that allows any premium auditor to leave your premises with any of your company records.
  • If , after receiving your premium audit bill,  you disagree with your premium audit results, there are specific rules on disputing your audit.
  • Make sure that you have someone available at all times for the premium auditor to consult with on obtaining further records or if there are questions about your operations.

Search for premium audit, dispute, or certificates of insurance in the search box for many more articles on this subject.

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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


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