Audits are part of every workers compensation policy. Knowing what to expect from an audit can be intimidating, confusing, or even scary to some. But it doesn’t have to be. At Missouri Employers Mutual, we employ a group of Premium Consultants, otherwise known as auditors, that are here to help ensure every business is paying the right premium.
Watch below as Tina Austin, Premium Consultation Quality Specialist, shares how Premium Consultation works and how to ensure it’s an easy process.
What is an audit?
Audits are performed to ensure that every policyholder is paying the right premium. Every work comp policy receives one. It doesn’t mean that a policyholder has done something wrong.
Policyholders can see an increase or decrease in premium after an audit, depending on how the business has changed since its policy start date. The goal of an audit is never to overcharge or undercharge any policyholder for their work comp coverage.
How agents can help
Many policyholders don’t know what to expect from an audit. Agents can be a bridge between a policyholder and the Premium Consultant throughout the audit process. Agents can ensure that there are clear lines of communication and that everyone is able to get the information they need. This will help ensure the policyholders experience a successful audit.
Still have questions?
Policyholders can contact their Premium Consultant to ask questions at any point during the policy lifecycle. The consultants are there to help and answer any questions. Transparency is best for everyone, so having conversations can help ensure everyone is on the same page. Consultants are there to help.
Our Premium Consultants are experienced professionals, many with more than 15 years of experience in knowing the rules and statutes. Their experience, along with regular training, ensures that they can answer any question our customers may have.
Every business wants to say they are the best at what they do. At MEM, our auditors are exceptional. In 2022, only 0.5% of all our audits were disputed. This means that after the audit is completed, only a select few had any concerns with the outcome and asked for reconsideration. Our Premium Consultants strive to get it right the first time.