Worker's Compensation is a system in that employers are required to purchase insurance that provides benefits to employees who suffer work-related injuries and illnesses.
When preparing for a worker's compensation audit, there are a few things to keep in mind. Most importantly is to have the records and supplements that will be required by the auditor.
- Payroll records
- Employee records
- Certificates of insurance
There are two types of workers compensation audits. One is the physical audit and the other is a voluntary workers compensation audit. The type of audit usually depends on the type of business.
Physical Workers Compensation Audit
This type of audit is performed at your place of business. It typically occurs within 60 days after the expiration of your workers compensation policy.
Voluntary Workers Compensation Audit
This type of audit is mailed by your insurance company within 30 days after the expiration of the insurance policy. The form requests information about your actual payroll exposures for each class.
Krishnan Company provides assistance to our clients through this audit process. Krishnan Company offers office space to the auditor so they can conduct their review without disrupting normal business flow. Krishnan Company will also mediate and liaise between the auditor and our client in order to provide seamless and efficient service.