{"id":2721,"date":"2018-04-26T10:00:00","date_gmt":"2018-04-26T15:00:00","guid":{"rendered":"http:\/\/ayala-insurance-service.one.zysites.com\/blog\/workers-compensation-audits-what-you-need-to-know\/"},"modified":"2018-04-26T10:00:00","modified_gmt":"2018-04-26T15:00:00","slug":"workers-compensation-audits-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.ayalainsurance.com\/es\/blog\/workers-compensation-audits-what-you-need-to-know\/","title":{"rendered":"Workers Compensation Audits: What You Need to Know"},"content":{"rendered":"<p><span id=\"litH1\" style=\"text-align: left;font-family: Helvetica, Arial, sans-serif, 'Ubuntu';font-size: 20px;color: #363636;line-height: 24px;font-weight: 600\">Workers Compensation Audits: What You Need to Know<\/span><\/p>\n<p>        <span id=\"litContent\" style=\"text-align: left;font-family: Helvetica, Arial, sans-serif, 'Ubuntu';font-size: 14px;color: #808080;line-height: 24px;font-weight: 400\"><\/p>\n<p>Preparing for a workers&#8217; compensation audit can seem overwhelming. If your business insurance provider requires an audit, you\u2019ll need to prepare.<\/p>\n<p>Fortunately, workers&#8217; compensation audits usually aren\u2019t too difficult to manage. Below, we\u2019ll cover the important facts about them.<\/p>\n<p><strong>What is a Workers\u2019 Compensation Audit?<\/strong><br \/>\nAlso called a premium audit, a workers\u2019 comp audit is your company\u2019s verification of its period payroll. Specifically, it\u2019s the examination of the payroll period for your plan\u2019s coverage. The overall amount paid out to your employees is one of the bases of your workers&#8217; comp premium. During the audit, the payroll\u2019s amount must receive verification. <\/p>\n<p><strong>What\u2019s the Audit\u2019s Purpose?<\/strong><br \/>\nAudits help assure that the premiums employers pay for their workers comp coverage match their risks. Your insurance company will make sure you\u2019re properly classified. It\u2019ll also make sure your payrolls, used for rating purposes, have correct values.<\/p>\n<p>If you have the wrong payroll classification, you might be spending the wrong amount on your workers&#8217; comp. Insurers usually audit policies that have premiums greater than a specific value. $10,000 is the usual standard.<\/p>\n<p><strong>How Can You Conduct an Audit?<\/strong><br \/>\nThe auditing process can be fast and convenient. Normally, audits fall under three types. The type of audit you\u2019ll need to do depends on three factors:\n<\/p>\n<ul>\n<li>Your policy\u2019s size<\/li>\n<li>Your industry<\/li>\n<li>Your business\u2019s physical location<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>On-Site Physical Audits<br \/>\n<\/strong><br \/>\nMany audits can occur on-site at the business. If this is the case, an auditor will schedule an appointment with the owner. Then, the auditor will visit your location. The auditing process happens completely on the premises. It normally doesn\u2019t need a follow-up.<\/p>\n<p><strong>Remote Physical Audits<\/strong><br \/>\nYou might get a letter asking for your company\u2019s payroll records. These records can include your payroll journals, unemployment forms and federal tax returns. Once you\u2019ve gathered them, send them to the audit department.<\/p>\n<p><strong>Telephone Audits<\/strong><br \/>\nTelephone audits aren\u2019t entirely conducted on the phone. First, you\u2019ll receive an audit form to complete. Then, you send it to the audit department. Then, the audit department will contact you to talk about your operations and payroll.<\/p>\n<p>Make sure you check the categorization for subcontractor employees before the auditing process. Otherwise, you might face overcharges. Review your audit work papers, and collect your payroll summaries. If you have your information on hand, your business insurance policy will be ready for anything.<\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Workers Compensation Audits: What You Need to Know Preparing for a workers&#8217; compensation audit can seem overwhelming. If your business [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"0","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_analytify_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2721","post","type-post","status-publish","format-standard","hentry","category-blog"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.ayalainsurance.com\/es\/wp-json\/wp\/v2\/posts\/2721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ayalainsurance.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ayalainsurance.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ayalainsurance.com\/es\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ayalainsurance.com\/es\/wp-json\/wp\/v2\/comments?post=2721"}],"version-history":[{"count":0,"href":"https:\/\/www.ayalainsurance.com\/es\/wp-json\/wp\/v2\/posts\/2721\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ayalainsurance.com\/es\/wp-json\/wp\/v2\/media?parent=2721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ayalainsurance.com\/es\/wp-json\/wp\/v2\/categories?post=2721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ayalainsurance.com\/es\/wp-json\/wp\/v2\/tags?post=2721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}