Workers’ compensation (or workers’ comp) is a form of insurance providing wage replacement and medical benefits to employees injured during employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence. Your insurance company will request an audit to assure you carry proper coverage.
Worker’s Compensation Audit
When an individual or company obtains a worker’s compensation policy, an Estimated Exposure Rate is used to calculate the amount for the policy period. The exposure is also known as the payroll for any employees used to perform labor during that period. We have great relationships with many of the local premium auditors. Their job is to review and scrutinize a company’s expenses. When you use a professional accountant, auditors are able to rely on the highly organized records provided to them, including:
1. Payroll Records
2. Employee Records
3. Certificates of Insurance