A Work Comp Audit vs. Closing On A Home
A Work Comp audit may remind someone of their first or subsequent home closings.
A list of the similarities follow:
- Both are stressful. Steps that you can take prior to the audit are here. Think organization from the start.
- Organization is the key – Disorganization costs the participants funds. Excel(r) works in your favor as an organizer for closings and audits.
- The WC policy or house contract represents the framework not the final document. Many home buyers think the original documents are stamped in stone. A Workers Comp policy creates the ground rules. The closing documents and work comp audit close out the policy/home sale. Relying on just the original documents for final figures may leave you disappointed.
- You may end up paying more than expected for the policy quote or the home closing fees. Make sure you understand from where the extra amounts were generated for your final bill.
- Unexpected occurrences commonly happen. Your company needs to designate one person to help the premium auditor. The same goes for a closing – (closing agent or attorney)
- You cannot dispute any figures without the proper documentation. In fact, you may end up costing yourself more than the original figures. In both instances, just saying this closing/audit results costs too much only lessens your credibility.
- Bonus – A main difference is that you cannot dispute a closing in most cases. Premium audits can be disputed with the proper docs – see #6.
Feel free to use the search box in the top right corner to search the articles for more work comp audit information.
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