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Now we move to the gritty portion of work comp audits.  You've contacted your agent and walked through all the items you need to have in hand before auditor shows up............correct?

Let's back up a few steps!  First of all, it's best to have a simple checklist in preparation for audit so you don't forget anything.  A few areas we often see issues are the following.


First, be sure and have certificates of insurance on file for any subcontract labor during the year.  This catches many people off guard and it's often too late once auditor is on site!  An audit can be disputed, but auditors tend to dig deeper into your books when they realize you haven't been verifying insurance on subcontractors.  It puts them on notice basically.  Also, an uninsured subcontract code will drive up premiums for sure once audit is complete!

Another area we see disputes arise from is overtime.  As for overtime, you don't have to pay premium on overtime portion of wages.  You must be able to show the overtime data separate to prove the wages.  It's that simple.  Many times we find clients unintentionally provide the overtime lumped into wages and ultimately pay the price in higher audited premiums. 

Lastly, we often see officers that intending to be excluded from coverage (more on that later).  However, the signed exclusion forms aren't in the file and the company requires the payroll be calculated at this point because they essentially had the exposure during the year without the signed exclusion forms.

These are just a few potential missteps that can cause higher premiums.  As mentioned, we prefer to help customer prepare for audits so the process is clean and efficient.  This allows customers to get back to business and make a living!

Call one of our conveniently located offices to discuss your work comp needs today!   

SIMPLY VISIT OUR WEBSITE AND CLICK TO CALL!

http://www.mfsgrp.com/
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