Are You Prepared For A Workers’ Compensation Audit?
Workers’ Compensation Insurance
Every business must have workers’ compensation insurance. This kind of coverage is designed to protect the workers from on-the-job injuries. Workers’ compensation also protects the employer from liability in the event of a workplace illness or injury.
Workers’ compensation insurance premiums are based on estimated payroll. The insurer has the right to audit the business payroll to make sure the reported payroll is accurate.
The kind of information the auditor may need includes:
- Payroll records for the audit period
- Federal tax reports
- State unemployment tax reports
- Any overtime records
- Payments to sub-contractors
Conversely, do you know that you can also audit your workers’ compensation insurer? The purpose of the audit is to identify any overcharges in medical bills, time loss payments, and rating calculations. Experience indicates that over 50% of all companies have been, or are currently, overcharged for their workers’ compensation premiums.
Innovative Insurance Services LLC understands the value of good employees. We know that your day-to-day operations depend on their hard work, expertise, and dedication, and if you supply them with quality benefits and plans, they can work with the peace of mind assurance that they are properly protected.
But should an accident happen, having the right Workers' Compensation plan from Innovative Insurance Services LLC can allow your business to ensure payments and cover expenses if an employee is injured from a work-related accident. Injuries can range from car accidents and back injuries to equipment malfunctions and, in some unfortunate cases, death.