Your workers’ compensation policy gets audited every year. More than 75% of those audits are incorrect and the vast majority of the time those errors lead to you paying more premium than you owe.
In this webinar, Kevin Ring, MWCA, Lead Workers’ Compensation Analyst with the Institute of WorkComp Professionals will walk through the audit process step by step so you can be sure that you only ever pay exactly what you owe.
The process begins with being sure your business is classified correctly. Every business is assigned one (or more) of the more than 500 classifications that are available. How can you be sure that your business is properly classified? In all but a few states, classifications are set through an agreement between the employer, their agent, and the insurance company. Even if your classification was correct at some time in the past, even small changes to your business may cause that classification to be incorrect. Classifications become even more complex when your business is involved in construction, agriculture, staffing, or oil field services. The webinar will discuss how to be sure your business is classified correctly and the question you should be asking your agent about how you are classified.
Once you are sure your business is classified correctly, you can turn your attention to your premium audit. We will discuss the audit trail that auditors follow so that you can correctly answer all of an auditor's questions.
There are more than a dozen different types of money or substitutes for money that you may give your employees that are to be excluded from your workers’ comp premium calculation. Keeping an insufficient record of this is the number one cause of audit overcharges. We will discuss what these items are and the important differences in some states.
Finally, we will turn our attention to how to package all of these records so that when the auditor arrives (in person or virtually), you have all the documentation they need to do the perfect premium audit.
More than 75% of workers’ compensation premium audits are incorrect and the vast majority of these errors result in the employer paying more premium than they should.
In almost all states, there are more than 500 possible classifications that could be assigned to your business. Can you be sure you are in the right one?
Once your business is properly classified, are you keeping your payroll records in a way that will allow the audit to be done correctly? There are more than a dozen types of money or substitutes for money that you may give your employees that are NOT included in the premium audit.
In this Webinar, Kevin Ring, MWCA, Lead Workers’ Compensation Analyst with the Institute of WorkComp Professionals will walk you through the steps to take to be sure that you only ever pay exactly what you owe for your workers’ compensation premium.