|
|
|
|
 |
 |
|
|
Premium AuditEnsure Equity The EMPLOYERS® Premium Audit Department works to maintain equity among policyholders by examining the basis for premium assessment: payroll and proper classification. Our goal is to ensure policyholders pay no more or less than they should for their workers’ compensation insurance. We accomplish this through careful audits and by working closely with policyholders. Audits Premium Auditors conduct policy audits at the expiration of a policy period and/or termination of a policy to verify that correct payroll and classifications are used, and to ensure the proper premium is charged for the risk insured. Documents Required for Audit EMPLOYERS' Premium Audit Department requires that general business and complete payroll records are available for review at audit. These documents include—but are not limited to—the general ledger, payroll journals, federal and state reports (such as Federal quarterly 941 forms, W-2s and the business’s register of checks). All changes in a policy resulting in an endorsement or general policy update will be referred to EMPLOYERS' Underwriting Department in order to update the policy. This information, along with the audit results, will be placed in the underwriting file. Audit Invoices Upon completion of an audit, a final audit statement is generated reflecting the audited payroll and earned premium for the audited period. Audit Dispute Resolution If there is an area of disagreement regarding an audit outcome, the insured or their agent may file a request for review with EMPLOYERS. The request must be submitted in writing and include detailed reason(s) supporting the need for a review. A Premium Audit representative will contact the policyholder in a timely manner to discuss the audit and resolve any misunderstanding. If the policyholder provides additional information which changes the audit findings, an adjustment will be processed. If the issues cannot be resolved or the policyholder is disputing either statutory authority or rating requirements, the process continues via an appeal to the Workers' Compensation Appeal Board. Other Services EMPLOYERS’ goal is to provide policyholders and agents with accurate, policy-specific information allowing them to correctly report payroll and pay premiums. By providing accurate information to policyholders, the Premium Audit Department facilitates understanding of insurance policies and benefits from the coverage provided. Classifications and State-Specific Exceptions A primary responsibility of the audit function is to verify the accuracy of the insured's operations and classifications. EMPLOYERS' auditors have a thorough knowledge of state-specific exceptions and classification rulings. |