- Save the date. An insurance company audits policies according to the guidelines of the Workers’ Compensation Insurance Rating Bureau (WCIRB). If your policy requires an audit, the auditor will contact you in writing to schedule an appointment at your location. Remember that an audit is routine and presents an opportunity to discuss any questions or concerns you have about workers’ compensation or your policy. After you set up an appointment, you should prepare your payroll records for the completed policy year.
- Face to face. At the time of your audit appointment, the auditor will review your payroll records, your employees’ job duties, and your business operations and ownership. It is important that the owner of your business or a person with detailed knowledge of your operations is available to answer questions about the relevant details of your business.
- That’s a wrap. After your audit is finalized, insurance carrier generates a final premium statement on the basis of audited payroll, classification(s), rate(s), and any applicable premium modifications. This statement shows a summary of the audited payroll, your final calculated premium, and the premium you paid during the policy year. Insurance company mails your final statement to you, with a bill for premium due, or with a refund if you paid excess premium during the year.
- We hear you. If you have any questions about the audit results, you may contact your auditor and request a copy of the audit. You will be given every opportunity to document any areas of disagreement and to request a revision.