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Many business owners are unaware of how workers’ compensation premiums are computed and how important it is to understand the policy requirements.
10 Common Reasons Additional Premiums are Owed After an Audit:
Experience modification factor changed.
Officer minimum payroll/premium not met.
Incorrect or missing owner/officer exemptions.
Additional states or locations were not reported.
Payroll reports and tax documents do not match.
Payroll applied incorrectly or to wrong class codes.
Unreported payroll identified for officers or owners.
Overtime, tips or other wages were inaccurately reported.
Uninsured 1099/Subcontractors used during policy period.
Additional operations or class codes not listed on policy.
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Audit1 is your premium audit partner. We work for you to help avoid these common mistakes and errors.
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