5 Key Work Comp Audit Facts

5 Key Work Comp Audit Facts

Academy of Insurance
Updated Nov 30, 2020

Workers’ compensation coverage is initially priced on an estimated basis. The insured estimates payrolls (and sometime class codes) at the beginning of the policy period for the upcoming year on which the insurance carrier charges a premium using the prescribed rates. After the close of the policy year, the insurance carrier desires to firm up the numbers to confirm collection of the actual premium earned for the actual exposure insured. This "firming-up" is known as the premium audit.

Take what you learn in this session and explore how they may impact the policies that you're issuing.