A process that reviews your financial and payroll records at the end of your coverage period. The purpose is to ensure your premium reflects your actual payroll amount.
A certificate proving your workers compensation is valid and currently protecting your employees. It shows the name of the certificate holder, the policyholder, insurance company, policy number, type of insurance coverage and policy effective dates.
One of the primary measurements used to determine what you pay for coverage. An e-mod less than 1.0 will reduce your premium. An e-mod greater than 1.00 will increase your premium.
Involves blatantly false statements or representations to obtain or deny any benefit. Workers compensation fraud can come from various sources, including employers, employees, agents, etc.
A form filed within 30 days by an employer or their work comp insurance carrier upon report of a worker’s injury or illness.
Gross wages can include any pre-tax deductions; salary, hourly, commission, bonus, piecework, overtime pay, vacation, holiday, sick, incentive pay, housing, and car allowance, whether in money or otherwise.
Occurs when an injured worker is out of work longer than the state-mandated waiting period.
Total losses, or claims expenses, divided by the audited premium.
Tasks an injured worker can complete with restrictions provided by the authorized treating physician during recovery.
Describes a claim where a worker is injured, but does not miss any time on the job, and the only payments made are for medical costs.
The dollar amount charged for coverage based on payroll calculated on applicable classification codes and rates.
Money or substitutes for money, payable by the employer for services of individuals who could receive workers compensation benefits.
Includes wages, commissions, bonuses, overtime pay, holiday pay, vacations and sicknesses, payment for piecework, value of housing, cafeteria plans and other forms of compensation.
A person or business who performs a job or service for another business, often as part of a larger contract or project.
Modified duties or assignments given to a recovering injured worker as part of their transition back to work, which takes their injury and any medical restrictions into consideration.
A voluntary audit is when an audit is closed using the estimated payroll figures initially provided by your agent.
