How does a workers compensation premium audit work?

At the inception of your work comp policy, your premium is estimated based on estimated wages. We calculate your actual wages at the end of your policy period. One of our consultants conducts the audit via phone, mail, online, virtual, or a physical visit to your site. How your audit is completed depends on several factors, including your company’s size and potential exposures. 

For some new policyholders, we perform a new business consultation within the first three months of the policy. This is an excellent opportunity to ask questions about payroll classifications and records to ensure proper classification and avoid surprises (like higher-than-expected rates) with the final audit.