A Workers Comp Audit Worksheet can be a valuable asset when you are reviewing your current Comp insurance rates. If you ask most companies the one thing they most often request their agent or broker do is a thorough review of an individual’s Comp policy. Unfortunately, agents and brokers are rarely trained in how to prepare this type of insurance claim or how to perform a basic analysis of the policyholder’s coverage. The result – many clients mistakenly believe their policy is less costly than it really is.
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Your company will probably request the workers comp audit worksheet when you apply for a new workers comp policy. When you purchase a workers’ compensation insurance policy from your insurance carrier, your company will calculate your potential exposure to work related injuries. Many times this is just attached to the final premium audit and must be requested at the time of the quote. Most providers advise that this number is to be mailed to you but many times that number can be mailed to the provider’s claims department. Some providers have the information on hand and some require an applicant to call them directly or visit their website. I recommend obtaining this information online as most providers will have it available for your review and approval within minutes.
Once you have received your worksheets displayed you need to review them for accuracy. Review the list of covered work areas carefully and check all boxes that pertain to your specific business. For example if you are a bakery, you need to make sure you are listing your business as a cashier, prep cook, or other food preparation position. These types of coverage will vary widely between carriers so ensure that your final W-2 salary reflects the same variations between all quotes.
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Now that your workers comp audit worksheet domain range and quotes are complete, you need to find out what premiums your company will pay for the various types of services you need. The premiums that you will pay depend heavily on the company size, employment, industry classification, and type of business operations. For example, contractors hired for remodeling or construction will typically pay higher premiums than general contractors. In addition, a contractor will be classified as general contractor when there are sub-contractors involved in the job, such as carpenters, plumbers, etc. So the workers comp audit worksheet should contain the list of all contractors included in the quote and the rates they will be quoted.
A second important area to review on the worksheets is the number of employees that will be covered by the insurance. This should include the total number of full-time employees during the past year and the total employees that have been employed for a minimum of six months. The total number of hours worked by each employee is also important for comparison purposes. This information is readily available in most of the premium rates that are offered by the company. Review these areas again to make sure the premium rates are comparable between companies. If the premium rates are not similar, then there may be an area that needs to be adjusted.
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The next part of the worksheet is the actual cash receipts and collections. This is where the auditor uses the actual worksheet to compare the cost of providing benefits to the actual cash that is collected. First, he finds the lowest per claim premium rate by adding his companywide average cost of premiums into his calculations. Then, he deducts the cost of benefits paid and any collection fees from the resulting number. Finally, he adds the net benefit payment to the cost of premiums to determine the company’s actual premium payment.
A final section of the worksheets will review the employer’s contributions to the program. This section allows the auditor to determine how much each employer has contributed to the program. He then calculates the actual workers comp benefits paid to each individual. Review these areas again to make sure that there are no errors in these calculations.
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Workers Comp Audit Worksheet can be completed in a matter of minutes when employers follow the guidelines established by their state. It helps the company to quickly establish the correct definitions of terms, find, and compare the proper industry averages, and calculate the correct premiums and expenses. When using this product, be sure to review the sheet once a week to make sure the data has not been tampered with. Some states have created further safeguards to ensure the integrity of these reports. In order to be compliant with your state’s regulations require an annual exam of your company’s workers comp insurance policies.
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