Insurance Success Tip #8 – Check Your Work Comp Payrolls

The payrolls declared on your workers’ compensation policy determines your estimated premium.

At the end of the policy year you are asked to report your actual payroll. The audit results in an adjustment to and the final settle-up of premium.

Review your payrolls to avoid a large audit additional premium or a large return premium. Think of it like your income tax – you pay estimated taxes and settle at the end of the year. You don’t want a big bill or a big return.