Ten Commandments for a Workers’ Comp Audit

While an IRS audit strikes fear in the hearts of business owners, a Workers’ Compensation premium audit is considered routine. Yet, there is a very good chance that it can result in higher charges, particularly if you are not adequately prepared. Clerical errors, incorrect classifications, and miscalculations often lead to overcharges.

There are two important things to remember about Premium Auditors. First, their objective is to maximize your premium, after all, they work for the insurance company. Second, overworked, they have tight time constraints. The more organized you are and the easier you make the job for the auditor, the more likely you are to have a favorable audit.

Here are ten commandments to keep in mind:

  1. Thou shalt not be unprepared
  2. Thou shalt not forget to be there to answer questions
  3. Thou shalt not answer any questions that are not asked
  4. Thou shalt not forget to review your policies being audited before auditor arrives
  5. Thou shalt not forget to do a payroll breakdown –by class code / by department or by job duties
  6. Thou shalt not forget to separate owners, officers, clerical, outside sales and drivers payrolls; or any other employee[s] that you feel should not be classed to the “governing” class code
  7. Thou shalt not forget to have Certificates of Insurance for subs and independent contractors on hand
  8. Thou shalt not forget to have the definitions of payroll, sales, sub-contract cost, etc. “on hand and reviewed” before auditor arrives
  9. Thou shalt not fail to ask auditor to recap the audit findings before he / she  leaves
  10. Thou shalt not forget to ask for a copy of the audit

Jerry Fulmer, Institute of WorkComp Professionals

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