The Workers Comp premium audit usually occurs within 60 days after policy expiration. The audit usually involves an in-person physical audit by a premium auditor that works for the carrier. Audits are subject to high error rates. The employer can initiate a premium dispute if they disagree with their premium audit result.
The process usually involves these steps:
The audit process remains one of the reasons that employers contact us the most often. Many times, the employers do not understand the process.
Carriers and agents sometimes do not entirely explain the process to an employer unless the insured client has disputed the audit.
One of the most disputed items is that after the insured receives their premium audit bill, another policy period has already begun with the same worker’s comp insurance carrier.
The employer will pay a stiff fee known as a short rate penalty if they jump to another carrier during the policy period.
Many times, the insurance carrier will forward their overdue bill to an attorney for collection through the courts even when a valid dispute has been launched by the insured employer.
The premium audit process is one of the most controversial topics with employers, carriers, and premium auditors.
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Hybrid Premium Audit Prep – Changing the Paradigm For Employers Last week, I promised that I would write or update an article to the Zoom
Zoom Hybrid Premium Audits – Not Just Temporary Pandemic Fix I had thought Zoom hybrid premium audits were going to fade away once the pandemic
Premium Audit Dispute Delay Costs Company $500,000 – Ouch! Over the last 13 years that I have been writing articles for the J&L website, I
Will Today’s Hybrid Audits Ever Return to Physical Premium Audits? First – let us define the three types of audits in this article – Short
Newsletter Reader Asks What Is the Difference Between a Premium Audit Statement, Premium Audit Bill, and Premium Audit Report? A premium audit report, statement, or
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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
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We Are Unable to Pay Work Comp Audit Bill – Help Companies that cannot afford their Work Comp audit bill is one of the main
Workers Comp Audit Question Blog Readers Ask Workers Comp audit questions are emailed or called in to us quite often. I was unable to cover
Mail-In and Hybrid Premium Audits Possible With Technology Hybrid Premium audits are becoming more popular every year due to technological advancements. Securely scanning and emailing
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
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Disputed Premium Audit Bill – How Much To Pay? One question that we receive the most often is the sufficient amount to pay when there
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Audit Dispute Question From A Twitter Follower Our Workers Comp Twitter handle received an audit dispute question from a Twitter Tweeter. Can an insurance carrier
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Workers Comp Audit Materials Needed The materials needed for Workers Comp Audit are communications, data, information and contracts. We receive this question quite often when
Payroll Audit Increased Policy Cost Significantly Below are five scenarios why your payroll audit may have increased policy cost. I received this question earlier this
Audit Agreement – Premium Auditor Asked Employer To Sign Off ??? The Audit agreement form has been a rather controversial topic. This question was emailed
Seven Premium Audit Resolutions The seven premium audit resolutions to reduce stress are below. As the premium audit season rolls around every year, I usually
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Our Premium Audit Bill Caused Questions Our premium audit bill just arrived. I have questions on how our final bill was calculated and how our
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Audits For Public Employers Upcoming Premium audits for public employers are about to increase dramatically. Most public employers have a renewal date of July 1.
Reader Question – No XMod On Premium Audit Bill A reader question came in this week concerning the lack of an XMod on the premium audit
Fully Paid Policy – Premium Recovery May Not Be Fruitful Workers Compensation premium recovery can be very complicated on a prepaid policy. Over the weekend, I
Five Days Notice Until Proposed Premium Audit Date Less than five days notice cannot be enough time for a employer to prepare for a premium
Urgent Question – Payroll and Premium Audit I received this urgent question on payroll and premium audit at 2 AM. The sender must have been
Premium Audits And The Short Rate Penalty In my last post, I covered the predicament some employers can be in when they want to switch
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Paying The Premium Audit Bill Misunderstanding Last week, I wrote a post concerning paying the premium audit bill. I have heard from a few of
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Should Premium Audits Be Allowed During Policy Period? I received this question last week on premium audits. I know that an insurance carrier comes in
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Public Employers Workers Comp Audits Now Due The public employers are due for a premium audit very soon. A large number of our clients are
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