Workers Comp (or Workers Compensation Insurance) is super important for anyone who has employees. But the ways it’s set up can be a real pain. A Workers Comp audit is one of the most confusing parts. We’ll break it down and help you navigate the process with ease.
After watching this video Work Comp audits will be one more business pitfall you won’t have to wonder about.
Here are some highlights from the video:
• What is Workers Compensation Insurance?
When an employee gets hurt on the job, you’re responsible. Workers Compensation Insurance protects you and helps to address the costs.
• What is an Audit?
The price you pay for work comp insurance is based on two factors: your payroll & the type of work your employee does. An audit verifies that both were figured correctly in the past policy term.
• Why & when does a work comp audit happen?
Audits are to make sure people are actually paying what they’re supposed to. They usually happen about a month after the policy term ends.
• 4 ways to make every Workers Comp audit smooth:
1. Connect with your insurance agent every quarter
2. Keep great books
3. Classify your employees correctly
4. Never underestimate your payroll
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