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Premium Audit
Workers’ Compensation insurance premiums are based in part upon a business’s payroll, which is estimated at the beginning of the policy term. So, policyholders must undergo an audit at the end of the policy term to report any changes.
Information You Will Need
- Payroll records listing individual wages and job duties
- Quarterly Federal Tax Returns (IRS Form 941) for the most recently completed four quarters or quarterly State Unemployment Forms*
- Miscellaneous income forms (IRS Form 1099)
- Any subcontractor Certificates of Insurance (ACORD Form 25)
- Photos and/or videos to support description of operations
*If neither of the above forms are available, use Schedule C of the Federal Income Tax Return (sole proprietors), Form 1065 (LLCs/partnerships), or Form 1120 (corporations)
