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Resource Center>Articles>How to Prep for a Workers’ Comp Audit

Workforce Management


HOW TO PREP FOR A WORKERS’ COMP AUDIT

Last Updated: March 14, 2024 | Read Time: 8 min


ONE MINUTE TAKEAWAY:

 * Workers’ comp audits happen every year, even if nothing goes wrong.
 * Payroll is a big part of these audits – poor record-keeping can put you in
   the red.
 * Learn how insurers calculate workers’ comp premiums.

--------------------------------------------------------------------------------





ONE MINUTE TAKEAWAY:

 * Workers’ comp audits happen every year, even if nothing goes wrong.
 * Payroll is a big part of these audits – poor record-keeping can put you in
   the red.
 * Learn how insurers calculate workers’ comp premiums.

--------------------------------------------------------------------------------

Workers’ compensation insurance – or workers’ comp – protects people who get
injured at work. It also protects businesses from potential legal issues.
Workers’ comp typically covers costs like lost wages, medical expenses, and
similar. Specific laws vary between U.S. states, so make sure you understand
which ones apply to your business. This type of insurance is highly regulated,
and without the right tools, it can be a major headache for HR.


WHAT IS A WORKERS’ COMPENSATION AUDIT?

Workers’ comp audits happen annually, whenever your policy term expires. They’re
not a sign that your business has done anything wrong. Audits can be
time-consuming, but with the right preparation, they won’t result in fees or
other penalties.

A workers’ compensation audit is a systematic review of your records, to ensure
you’ve paid the right amount over the past year. Your insurance carrier will go
over your premium payments and compare them to the estimates you provided at the
start of the policy period. The goal is to ensure that your payments accurately
reflect your payroll costs and your level of risk.

Depending on your location, your budget, and the size of your business, you may
have a few options for workers’ comp insurance carriers. In most states, private
insurance companies are the norm. In some areas, businesses can also access
state funds for workers’ comp. Larger companies can also choose to self-insure.


WHAT HAPPENS DURING AN AUDIT?

During a workers’ comp audit, HR works closely with the company’s insurance
carrier. You’ll review your payroll and other expenses in detail and compare
them to your original estimates. There are several reasons your projected
numbers could have changed throughout the year:

 * Rapid business growth and hiring
 * Unplanned layoffs
 * Voluntary turnover
 * Misclassification of employees and their risk levels
 * Clerical errors, including failure to include deductions

Need more information about Workers’ Compensation? Get our FREE guide here: What
Employers Need to Know about Workers Compensation.

Depending on your insurer, your audit might take place by phone, online, or in
person. Because they’ll need to review sensitive financial documents, make sure
you have a secure way to share information.


DOCUMENTING WORKERS’ COMPENSATION

The exact type of documentation you’ll need depends on your location, insurer,
industry, and business size. You should find out what you need when you first
open your insurance policy – make sure to confirm with the carrier and
double-check your local laws. That might seem like an extra step, but it’s the
best way to ensure you’ll be prepared for your next audit.

Most workers’ comp audits include a review of:

 * Financial records, such as the business’s P&L
 * Payroll records
 * Tax forms such as W-2s, 1099s, Form 941, and Form 944
 * Federal tax returns
 * Certificates of insurance for every subcontractor
 * Detailed descriptions of each business function, including each employee’s
   risk level at work


THE RESULTS OF AN AUDIT

At the end of a workers’ comp audit, you’ll receive an audit report. Usually, it
will include one of two results. You might have an audit variance, meaning you
owe more than you already paid. In that case, you’ll have to pay an additional
premium to cover the difference. On the other hand, if you overpaid during the
year, you’ll receive a refund.

Make sure to review the complete report in detail. If you disagree with the
auditor’s findings, contact your insurer immediately. They can instruct you on
how to file a formal dispute.


CALCULATING WORKERS’ COMP

Like most other compliance issues, calculating workers’ comp is different
between U.S. states. In most states, it’s based on the worker’s average weekly
wage, or AWW. Here’s how you calculate AWW:

Workers’ comp payments are generally higher for more severe injuries. Each state
has a maximum weekly rate for payouts.

When it comes to calculating your insurance premium, your insurer will consider:

 * What type of work your employees perform
 * How many employees you have
 * Your average weekly payroll
 * Your company’s history of claims
 * Other state regulations


HOW PAYCOR HELPS

Paycor is purpose-built to help with workers’ comp. Our pay-as-you-go workers’
compensation solution allows you to automate insurance payments based on
payroll. With our tools, business leaders can eliminate large down payments and
avoid end-of-year surprises. We can even help you find the top-rated insurance
carriers to keep you and your team covered.

Take a Tour

Previous:

Creating Individual Development Plans

Next:

Predictive Work Schedule Laws: A City-By-City Guide


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ADDITIONAL TOPICS:

Talent Management Talent Development Workforce Management Workforce Management
Employee Experience Recruiting & Hiring Benefits Administration Benefits
Administration


TABLE OF CONTENTS

What is a Workers’ Compensation Audit?What Happens During an Audit?Documenting
Workers’ CompensationThe Results of an AuditCalculating Workers’ CompHow Paycor
Helps

--------------------------------------------------------------------------------


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ADDITIONAL TOPICS

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Employee Experience Recruiting & Hiring Benefits Administration Benefits
Administration


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