As part of your commercial insurance policy, you will have a review by a workers compensation auditor. This visit determines if the estimated premium was sufficient for your business as it compares to the actual premium during the insurance policy period.
Having Documents Ready
The best way to prepare for a visit from an insurance auditor is to make sure you have all documents and necessary information ready. That way, your auditor can clearly see if the premium your policy provides is the right one for your business. Some documents you will want to gather and prepare for the visit include the following:
- Payroll records
- Tax documents
- Accounting ledger
- Cash disbursement records
- Employee 1099 and W-2 forms
- Business operations description
- Employee job descriptions
Along with having these documents prepared, it’s also a good idea to review your policy to refresh your memory about the details. You should also assign one person to be a point of contact for the auditor.
Preparation is Key
Being prepared goes a long way in making the auditing process easy. To do this, gather and prepare all documents your workers compensation auditor needs to complete the audit. That way, you don’t have to rush around at the last minute or make the process more complicated than it needs to be.