Workers Comp Audit Worksheet

Audit worksheet this is the actual worksheet the auditor uses to gather and catagorize all the premium generating items from the audit.

Workers comp audit worksheet. A premium audit is a periodic review by travelers to make sure the estimated premium established at the beginning of your policy period accurately reflects any changes in business operations that may have occurred since the policy was issued. The concept of a workers compensation audit premium audit is simple but the effort to make it accurate can be confusing and time consuming if you are not prepared. You will need adequate lead time to collect the information needed. How to prepare for a workers compensation audit.

The office of general counsel issued the following opinion on february 1 2007 representing the position of the new york state insurance department. Must an insured pay the additional premium calculated at audit on its workers compensation policy although the audit was conducted more than 180 days after the policys expiration date. When you purchase a workers compensation insurance policy your insurer will estimate your exposure to workplace injuries. It generally includes all information regarding your company payroll for the audit period.

Workers compensation forms and worksheets. Our audit worksheets have been designed with you in mind allowing for a simplified audit process. Employers may be penalized by the new york state workers compensation board for not maintaining accurate and adequate records at a rate of 1000 for each ten days that such records are deficientnonexistent. During an audit the employer must provide copies of canceled checks payroll general ledgers and other financial information.

To ensure these figures are accurate and classifications are appropriate all workers compensation policies are subject to an audit to determine actual premium. In addition to final audits at the end of a workers compensation policy period we may also perform mid term audits to obtain a more accurate premium estimate during the policy term. The information on this page is intended to assist you in preparing for an accurate and positive audit experience. Amtrust premium audit.

State regulations require us to conduct premium audits of all workers compensation policies. Workers compensation audit question presented. We initially charge premium based upon estimated payroll at the beginning of the policy term. The audit should be scheduled for a date that is convenient for you.

Many times this worksheet must be requested and is not just attached to your billing statement.