Get the free Workers' Compensation Premium Audit ServicesEMPLOYERS

EIG Services, Inc. In California, DBA EIG Insurance ServicesPolicy Number: POLICY NUMBER Policy Period: EFFECTIVE to EXPIRATION NAMED INSURED STREET ADDRESS Return To: EMPLOYERS Premium Audit Department

How to fill out workers compensation premium audit

How to fill out workers compensation premium audit

1. To fill out a workers compensation premium audit, follow these steps:
2. Gather necessary documents: Collect all relevant documents such as payroll records, employee rosters, and insurance policy information.
3. Review the audit form: Read through the audit form provided by your insurance company or state workers compensation board. Understand the sections and questions on the form.
4. Determine the coverage period: Determine the specific time period covered by the audit. This could be based on your policy period or a specific calendar year.
5. Calculate payroll information: Determine the total amount of payroll for each employee during the audit period. This includes regular wages, overtime pay, bonuses, and any other compensation.
6. Classify employees: Classify employees based on their job duties and workers compensation classification codes. Assign the appropriate code to each employee based on their primary job responsibilities.
7. Separate payroll by classification code: Allocate the payroll amounts to each classification code based on the percentage of time employees spend performing each job duty.
8. Identify subcontractor expenses: If you have subcontractors, determine the amount paid to them during the audit period and separate it from regular employee payroll.
9. Complete the audit form: Fill out the audit form accurately, providing all required information in the appropriate sections or fields.
10. Review and proofread: Review the completed audit form for any errors or omissions. Proofread the form to ensure accuracy.
11. Submit the audit form: Submit the completed audit form to your insurance company or state workers compensation board within the specified deadline.
12. Retain records: Keep copies of all submitted documents, including the audit form and supporting payroll records, for your records in case of future audits or disputes.

Who needs workers compensation premium audit?

1. Workers compensation premium audits are necessary for various parties, including:
2. - Employers: Employers who have workers compensation insurance policies need to undergo premium audits to determine their insurance premiums accurately.
3. - Insurance Companies: Insurance companies conduct premium audits to assess and verify the risks associated with each policyholder and calculate appropriate premium amounts.
4. - State Workers Compensation Boards: State workers compensation boards may require premium audits for regulatory compliance and to ensure accurate calculation of workers compensation premiums.
5. - Contractors and Subcontractors: Contractors and subcontractors may need to undergo premium audits to demonstrate compliance with workers compensation requirements and determine their insurance costs accurately.
6. - Self-Employed Individuals: Self-employed individuals who choose to carry workers compensation coverage for themselves may also need to undergo premium audits to determine their insurance premiums.

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What is workers compensation premium audit?

Workers compensation premium audit is a process where an insurance company reviews the payroll and job duties of employees to determine the final premium owed by the policyholder.

Who is required to file workers compensation premium audit?

Policyholders who have a workers' compensation insurance policy are required to file a premium audit.

How to fill out workers compensation premium audit?

Policyholders can fill out a workers compensation premium audit by providing payroll records, job duties, and any other requested information to their insurance company.

What is the purpose of workers compensation premium audit?

The purpose of workers compensation premium audit is to ensure that the insurance company is charging the correct premium based on the actual exposure to risk.

What information must be reported on workers compensation premium audit?

Policyholders must report payroll information, job duties of employees, any changes in operations, and any other relevant information requested by the insurance company.