Workers' Compensation Insurance Premium Audit Services
All businesses that carry workers’ compensation insurance must complete annual premium audits. Workers’ compensation policy premiums are based on estimates you provide at the time of your insurance application, or estimated payrolls reported through a pay-as-you-go program such as EMPLOYERS PrecisePay®. At the end of your annual policy period, a final premium audit is conducted to determine if you paid the appropriate amount for your workers’ compensation insurance. Your final premium audit is based on actual payroll, operations and job classifications for the expired coverage period.
EMPLOYERS Now Offers Online Premium Audits!
Often times, workers' compensation premium audits require you to fill out numerous paper documents and mail them back to your insurance carrier. This can make the audit process feel complex and time consuming.
At EMPLOYERS, we’ve simplified the process by offering online premium audits! This allows you to complete your audit more quickly and easily, so you can get back to doing what you do best – servicing your customers and growing your business!
Features of EMPLOYERS Online Premium Audit functionality
- An intuitive and user-friendly interface guides policyholders through the premium audit process.
- Policyholders can easily and securely upload all requested documents online. That means no more need to mail in printed documents.
- Policyholders can log in and check the status of their premium audits 24/7.
- Online premium audits are processed and finalized fast — many in as little as one business day.*
- Policyholders who are registered for EACCESS® will receive email notifications alerting them when an audit is due, the status of their audit, and when their audit has been finalized.
- Online Premium Audit functionality is available within EACCESS, so no need for a separate username and password. To get started, EMPLOYERS policyholders simply log into EACCESS and navigate to My Premium Audits. If you do not have an EACCESS account, registration is easy. Go to eaccess.employers.com or check out our step-by-step instructions.
If you are not yet an EMPLOYERS policyholder, talk to your agent today and ask for EMPLOYERS workers' compensation insurance, or request a free workers' compensation quote online in just 3 easy steps.
*Please note that premium audit processing time varies by policy, and not all policies are eligible for one-day processing.
Other Types of EMPLOYERS Workers' Compensation Premium Audits
In addition to online premium audits, EMPLOYERS offers 3 other audit types listed below. The type of audit you receive usually depends on the size of your policy, the industry in which you operate and the location(s) of your business.
- Voluntary Audit – You will receive a mailed audit form to complete and return to EMPLOYERS through mail, e-mail, or fax. The form will provide instructions regarding the audit and all required information. If any additional information is needed after you return your audit form, an experienced representative from the EMPLOYERS Premium Audit Team will contact you.
- Remote Physical Audit – You will receive a letter requesting payroll records for your company (such as: 941s, State Unemployment Forms, and a Payroll Journal). Once you have submitted the requested documentation to EMPLOYERS, an experienced representative from the Premium Audit Team will contact you to discuss your payroll information and business operations.
- On-Site Physical Audit – You will receive a letter requesting payroll records for your company (such as: 941s, State Unemployment Forms, and a Payroll Journal). Once you provide us contact information, an experienced representative from the Premium Audit Team will contact you to set up a time and date to visit your business location(s) to conduct your audit.
Helpful Premium Audit Tips and Resources
How to Prepare for your Workers' Compensation Insurance Premium Audit
The most important step in preparing for your premium audit is to have the appropriate records organized and available for your audit. This includes:
- Payroll summary or similar report for the dates of your policy
- Employers Quarterly Federal Tax Return Form 941 or 943 reports
- State Employer's Quarterly Unemployment Insurance Tax Reports
- Federal 1099, W2 and W3 transmittals
- Overtime wages summarized by classification
- List of clerical employees and duties
- Contractor / Subcontractor records
For more on the premium audit process and what to expect and how to prepare, check out our premium audit blog articles: