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Premium Audit Statement + Other Document Shows Final Numbers


Premium Audit Statement is One Piece of the Puzzle

The Premium Audit Statement (PAS) or bill is one of the documents that will show the final numbers for any policy year.  What is the other document to match to the Premium Audit Statement to make sure the final numbers are correct?

Dollar Sign Puzzle Premium Audit Statement Emblem From Website

This is a question that I posed in my recent Insurance Academy (R) presentation on Workers Comp Premium Audits.  The most popular answer is the Workers Comp policy.  However, the policy is more of an initial document that a document of finality.

Surprisingly, the document that is the most “final” other than the  PAS is the corresponding work comp rating worksheets.   When I first heard that answer many years ago, I refused to believe it.   How can the worksheet have the final numbers on it?   Then I realized, the worksheets are actually the last document produced in the process.

Surprisingly, an Experience Mod may be changed unlimited times before, during, and after a policy year.

One would have to say those are the two documents of finality unless an employer disputes either one of those two documents.

The Workers Comp policy that just expired will not be on the rating sheets until the next year.  Patience is a virtue in this situation.

Matching the worksheets to the Premium Audit Statement should not be that difficult in most cases.  If there are discrepancies in the numbers, then a full review is warranted in most cases.

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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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