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Michigan Workers Compensation Insurance: What is a Workers Compensation Insurance Audit?
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What is a workers compensation insurance audit?
A workers' compensation insurance audit is when the insurance company comes in to review an businesses payroll, employee records, job descriptions and other relevant data to ensure that the workers' compensation insurance premium is appropriate and accurately reflects the business's level of risk.
The insurance company will begin by notifying you about the audit, scheduling an appointment and letting you know what information they will need from your end like payroll records, employee job descriptions and other information for that particular audit period.
From there, there will be an audit appointment, either on-site or remotely where you’ll go over that information with the auditor and if there are any discrepancies, that is where you can discuss them.
An important point to remember, you can ask the audit team questions to clarify things, if you have questions about something or feel like a job is coded wrong, ask about it!
Based on the audit findings, the insurance company will recalculate the premium. If the actual payroll or job classifications are different from what was initially reported, the premium may be adjusted.
If you had a great year and your payroll for one class code increased because you had to hire more people, you will owe premium to the insurance company, and if you had to unfortunately lay some people off because of a down year then you will receive a refund or a credit for the next year.
How to Make the Workers Compensation Insurance Audit Process Go Smooth:
#1 Be prepared and keep accurate records.
#2 Have the documents and information the insurance company needs, ready for the appointment.
#3 Communicate with the audit team and ask clarifying questions if you have them.
Need help or have questions about your Insurance? Sales? Marketing? Feel free to reach out!
248-459-3045
If there are any topics you want to hear more about or if you have any questions about specifics when it comes to insurance, sales, or business in general, please let me know!
**DISCLAIMER: THIS IS NOT LEGAL ADVICE. USE AT YOUR OWN DISCRETION. THIS VIDEO INCLUDES MICHIGAN INFORMATION ONLY.
What is a workers compensation insurance audit?
A workers' compensation insurance audit is when the insurance company comes in to review an businesses payroll, employee records, job descriptions and other relevant data to ensure that the workers' compensation insurance premium is appropriate and accurately reflects the business's level of risk.
The insurance company will begin by notifying you about the audit, scheduling an appointment and letting you know what information they will need from your end like payroll records, employee job descriptions and other information for that particular audit period.
From there, there will be an audit appointment, either on-site or remotely where you’ll go over that information with the auditor and if there are any discrepancies, that is where you can discuss them.
An important point to remember, you can ask the audit team questions to clarify things, if you have questions about something or feel like a job is coded wrong, ask about it!
Based on the audit findings, the insurance company will recalculate the premium. If the actual payroll or job classifications are different from what was initially reported, the premium may be adjusted.
If you had a great year and your payroll for one class code increased because you had to hire more people, you will owe premium to the insurance company, and if you had to unfortunately lay some people off because of a down year then you will receive a refund or a credit for the next year.
How to Make the Workers Compensation Insurance Audit Process Go Smooth:
#1 Be prepared and keep accurate records.
#2 Have the documents and information the insurance company needs, ready for the appointment.
#3 Communicate with the audit team and ask clarifying questions if you have them.
Need help or have questions about your Insurance? Sales? Marketing? Feel free to reach out!
248-459-3045
If there are any topics you want to hear more about or if you have any questions about specifics when it comes to insurance, sales, or business in general, please let me know!
**DISCLAIMER: THIS IS NOT LEGAL ADVICE. USE AT YOUR OWN DISCRETION. THIS VIDEO INCLUDES MICHIGAN INFORMATION ONLY.
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