How to Prepare for Your WorkComp Audit

Written by on 6/8/2016 3:49 AM in , , . It has 1 Comments.

Workman’s comp insurance overcharges could cost your business thousands. To prevent unnecessary expense, it’s essential to fully understand the industry’s rules as well as the auditing process to protect your business against mistakes and overcharges.

Get prepared for your upcoming workman’s comp insurance audit:

• Understand what governs premiums.
The National Council on Compensation Insurance sets industry rules used in most states. Using employee classification codes in these guidelines, rates are calculated based on job-related risks. The rates for a clerical worker, for example, will be far less than those for a roofer.

• Gather paperwork.
What will you need?

  • A detailed description of your business operations.
  • Your payroll journal.
  • Information on the hours, days or weeks worked by employees in the past year.
  • Individual earnings records.
  • Overtime pay (broken down by employee).
  • Detailed job descriptions and duties.
  • Federal tax records.
  • State unemployment reports.
  • Payments to subcontractors.
  • Certificates of insurance for subcontractors and independent contractors.

• Review previous audits.
Having a list notating where employees were categorized in previous years' audits can help you verify correct classifications in your upcoming audit.

• Ensure correct classifications.
Never assume classifications are correct. Your business could be overcharged thousands in a single year due to these errors. In addition, check with subcontractors who might carry their own workers' compensation coverage, which could save you from unnecessarily paying premiums that are already covered by your subcontractors.

• Don’t overlook overtime.
Workers' compensation premiums are not calculated at the full overtime pay rate in most states, so accurate payroll records are essential.

Up to your ears in workman’s comp insurance issues? Minnesota Comp Advisor excels in tackling troubles and reducing costs. Learn more today.


Got something to say? Join the discussion »
  1. changhon62's avatar changhon62 kd 11 ed hardy jeans skechers uk michael kors outlet nike air max 90 burberry outlet nike air force 1 true religion jeans for women fitflop air max 97 mens ugg,ugg slippers ray ban sunglasses bvlgari yeezy nike air max 95 air max pandora jewelry nike air max 95 adidas yeezy swarovski bracelet red bottom shoes pandora earrings james harden under armour shoes nike air max 97 christian louboutin shoes curry 4 ralph lauren pandora jewelry official site ralph lauren new balance 574 nike air max 270 mulberry burberry scarf moncler jacket mens mcm jordan 11 nike air max 95 prada bags basketball shoes jordan 11 nike air max 270 north face moncler coat birkenstock shoes salomon xa pro 3d mbt mens shoes nike air vapormax nike vapormax chrome hearts nike air max 95 pandora Hermes Wallets kd 9 nike air max 270 men adidas nmd r1 longchamp le pliage coach purses barbour outlet air max 90 prada bags mcm backpack kate spade wallet balenciaga shoes chrome hearts t shirt puma fenty oakley prescription sunglasses pandora charms jordan retro 11 fitflop sandals balenciaga trainers moncler jacket womens burberry bags Yeezy asics barbour outlet Salomon Shoes ecco sandals uggs on sale Pandora Bracelet yeezy boost 350 polo ralph lauren outlet uggs for men jordan 11 space jam jimmy choo kate spade bags adidas yeezy skechers shoes oakley kate spade outlet fitflop sandals hermes belt men mont blanc lebron james shoes pandora rings christian louboutin shoes pandora charms skechers women ray ban sunglasses pandora uk nike air max 95 chrome hearts jewelry air jordan 11 space jam yeezy boost 350 v2 true religion pandora rings jordan shoes moncler coat moncler jacket mens adidas ray ban sunglasses birkenstock sale kyrie irving uggs for women yeezy shoes coach outlet pandora charms huarache pandora bracelet huaraches salomon fitflop shoes nike air max 270 cartier sunglasses goyard backpack salvatore ferragamo shoes nike air vapormax flyknit ray ban glasses mulberry bayswater moncler jacket womens adidas originals ultra boost salomon shoes adidas ultra boost uncaged supreme shoes air max 95 adidas yeezy ferragamo shoes men goyard backpack air max 97 swarovski earrings nike kd ultra boost adidas nmd polo ralph lauren asics running shoes curry shoes longchamp adidas originals superstar adidas originals nmd air max 2018 lacoste sale north face vest valentino sneakers supreme jacket celine handbags louboutin shoes mk handbags nike kyire
    Reply 8/1/2018 12:03 PM

Leave a Reply

 [Quick Submit with Ctrl+Enter]

Remember my details
Notify me of followup comments via e-mail