Work comp premium consultations (or audits) can feel overwhelming. But they don’t have to be. In fact, our proactive premium consultations are designed to protect you.
Check out the video below to better understand how a premium consultation works:
Why premium consultations matter
Work comp coverage works a bit differently than other types of insurance. When a policy starts, your premium is an estimate. But businesses grow, change, or downsize over the course of the year. So, when the policy period ends, your final premium is calculated based on your actual exposure and payroll.
If your business grew during the policy year, your premium may increase. If it shrank, you might be eligible for a refund. Either way, the goal is to make sure you’re only paying for what you need.
A simple example
John is a contractor and owner of Better Building. John’s business grew during the policy year—he hired more employees and worked with subcontractors. That growth increased his payroll, which meant the estimated at the beginning of the policy year didn’t match his actual exposure.
But thanks to MEM’s audit preparation checklist, John was ready. He gathered payroll records, tax forms, payment information, and certificates of insurance for subcontractors. Then he briefly touched base with his MEM premium consultant.
Later, he received a final statement showing the difference between his estimated and actual premium. The process was easy, and there were no surprises.
The next year, when business slowed down, John had fewer employees and didn’t use subcontractors. At year’s end, he was eligible for a refund because his exposure was lower than estimated. That’s how the system works: fairly and transparently.
What MEM’s consultants can do for you
Our in-house premium consultants are here to support you. They help:
- Answer questions about classifications and exposures
- Prepare you with recordkeeping tips
- Review any changes to your business
- Clarify what documents you’ll need for a smooth audit
Audits are either virtual or online, depending on your business size and industry. Either way, we make it as easy and efficient as possible.
Be prepared from day one
Download our Audit Preparation Checklist to get started. It outlines what records you’ll need and when to start gathering them. Staying organized helps prevent unexpected costs and ensures your coverage matches your business needs.
At MEM, we believe every business deserves to work with confidence. A proactive premium consultation helps make that happen.