Assistance for Businesses with Previous Audit Issues
Audits can be difficult and time-consuming, especially for business owners in high-risk industries . . . and if you have previous audits issues, it can make it difficult to find the Workers’ Compensation coverage you need to protect your employees and your business.
Some of the most common audit issues include:
- Misclassified employees. Misclassifying employees—particularly misidentifying workers as independent contractors—is one of the most common audit errors. If workers are misclassified, it can lead to significant discrepancies during an audit process. This increases the risk of penalties and other consequences, including raised premiums or even legal liability issues after a workplace accident.
- Job code inaccuracies. Like employee classification, job codes play a key role in the audit process and the audit results for your business. If your job code assignments are inconsistent or incomplete, it negatively impacts your Workers’ Compensation coverage rates.
- Payroll errors. While payroll errors are often small, they can have major consequences during an audit. For example, incorrect payroll reporting can skew results during an audit and lead to inflated premiums, coverage gaps, or penalties for underreporting payroll.
- Incomplete documentation. At your business, you need to keep careful and complete paperwork and documentation on details like employee information, job duties, and business operations. If your documentation is incomplete or disorganized, it can slow down your audit process and increase your risk of other common audit issues, like misclassified employees.
- Subcontractor errors. If your business uses subcontractors, you need to keep careful track of their insurance and Workers’ Compensation status. If you do not account for your subcontractors due to errors like incomplete paperwork or employee misclassification, it can lead to audit issues, as well as liability and safety concerns.
If your business experiences issues like these during an audit, it can lead many consequences, from fines to an increased risk of workplace accidents. If your business has many audit issues, it can also raise your premium, which can strain your budget, limit your coverage options, and make it harder to obtain the Workers’ Compensation you need to protect your business and your employees from workplace accidents and injuries.
At Work Comp Business Insurance Solutions, we understand the stress of audits, especially for high-risk businesses or those with previous audit issues. We also know that each business is unique, which is why we offer a suite of customized solutions to help you meet the exact Workers’ Compensation needs of your business and your employees. When you partner with us, you’ll receive access to a wide array of audit solutions, including:
- Expert audit assistance
- Proactive compliance management
- Streamlined documentation
If you experience a loss of coverage or are dealing with high costs or limited options due to raised premiums, we can also leverage our network of insurance carriers to help you find the Workers’ Compensation solutions you need, at a competitive price!
At Work Comp Business Insurance Solutions, we help business owners find the best Workers’ Compensation and payroll solutions.
