Workers Compensation Insurance is the one insurance policy that you have the most control over as a Veterinary Practice. It is also the easiest policy to have incorrect premiums charged. In the age of Covid-19 with the fluctuation of practice payrolls preparing for an accurate Workers Compensation audit will assure that you are paying the correct premium.
Below are the 10 Commandments for Workers Compensation Premium Audits.
- Thou shalt not be unprepared
- Thou shalt not forget to be there to answer questions
- Thou shalt not answer any questions that are not asked
- Thou shalt not forget to review your policies being audited prior to the auditor arriving or calling
- Thou shalt not forget to do a payroll breakdown – by employee classification and job duty
- Thou shalt not forget to separate Owner, Officer, Clerical, Outside sales and Drivers payroll; or any other employees that you feel should not be classified into the “Governing” classification
- Thou shalt not forget to have Certificates of Insurance for “Subs” on hand
- Thou shalt not forget to have the definitions of Payroll, Sales, Subcontractor Costs, etc. “On Hand and Reviewed” before the Auditor or arrives or calls
- Thou shalt not fail to ask the Auditor to recap the audit findings before they leave or end the call
- Thou shalt not forget to request a copy of the audit.
To read the full article, please visit Butler Vet Insurance here.