• Menu
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

  • About
  • Contact
  • Privacy
 
Paradigm

Amaxx Workers Comp Blog

Reduce Workers Compensation Costs By 20-50%

Header Right

  • Home
    • Training Center
  • Search
    • Free Resources & Solutions
    • Subscribe to Free Newsletter
    • Create Free Training Center Account
    • Enroll in On-Demand Courses
    • Activate WC Mastery Membership
    • Request Strategic Coaching Session
    • Buy WC Guidebooks
  • Membership
    • Insider (free account)
    • WC Mastery
    • Teams & Managers Mastery
    • Training Partners
  • Products
    • On-Demand Courses
    • Specialty Courses
    • Certifications & Mastery Courses
    • Ultimate Guidebooks
    • Coaching
  • Blog
    • Video Blogs
    • COVID-19 / Coronavirus Pandemic
  • Login

Mobile Menu

  • Home
    • Training Center
  • Search
    • Free Resources & Solutions
    • Subscribe to Free Newsletter
    • Create Free Training Center Account
    • Enroll in On-Demand Courses
    • Activate WC Mastery Membership
    • Request Strategic Coaching Session
    • Buy WC Guidebooks
  • Membership
    • Insider (free account)
    • WC Mastery
    • Teams & Managers Mastery
    • Training Partners
  • Products
    • On-Demand Courses
    • Specialty Courses
    • Certifications & Mastery Courses
    • Ultimate Guidebooks
    • Coaching
  • Blog
    • Video Blogs
    • COVID-19 / Coronavirus Pandemic
  • Login
  • About
  • Contact
  • Privacy
You are here: Home / Buyers Guide: Workers Compensation Insurance / Insurance Issues, Rates, Premiums / When To Start Preparing For your Workers’ Comp Premium Audit

When To Start Preparing For your Workers’ Comp Premium Audit

July 19, 2021 By //  by Michael B. Stack

s

Click Link to Access Free PDF Download

“Workers’ Comp Claims Review Checklist: 9 Must-Have, Serious-Impact Elements”

 

Prepare For Premium Audit

Each year, like clockwork, your worker’s comp insurance policy renews. Hello, my name is Michael Stack. I’m the CEO of Amaxx. And I want to use that as a trigger for you to start preparing for your worker’s comp premium audit, just like your IRS tax returns are due on an annual basis. Your workers’ comp premium audit comes on an annual basis as well. And you want to make sure you’re prepared. The tip I want to give you today is to have the time that your policy renews your policy renewal date, as you are red alarms, alarm bells, going off red flags, flying everywhere. We need to start preparing for our premium audit, which is coming within the next 30 to 60 days following our renewal. So it’s coming within 30 to 60 days following your renewal. And if you give yourself that renewal date as the trigger, you’re going to give yourself enough time to be prepared.

Things That You Need to Prepare For

Here’s the things that you need to prepare for this premium audit to make sure that you’re just not paying more than you need to just not paying more than you need to. You’re paying the appropriate amount for the policy that you have. So here’s what you need to do. So your auditor reports from your previous audits, your auditor reports from your previous audit. So that’s one thing that you want to have prepared and take a look at. You’re going to want your payroll records. So your payroll records, you’re also going to want your payroll tax returns, sorry, your payroll tax returns. Again, the idea here of what we’re trying to do is we’re trying to pay the right amount that we should and no more right amount that we should, and no more. You’re going to want your certificates of insurance through your certificates of insurance.

FREE DOWNLOAD: “Workers’ Comp Claims Review Checklist: 9 Must-Have, Serious-Impact Elements”

Prepare For Your Certificates Of Insurance

These are for all your subcontractors that you would hire so that you’re just not paying double paying for workers’ comp insurance premiums for them. And then last thing you want to do is have a record of your invoices. So your invoices that separate out your labor and materials, so separate out your labor and materials. So you want a copy of all your invoices. You want your certificates of insurance for your payroll tax returns or payroll records, and your auditor reports use that renewal date as the alarm bells to say, okay, we need to start gathering some of this information because we know this audits come and it’s coming like clockwork. Just like your tax return comes every year. The earlier you start to prepare for this is typically the better you’re going to do. Give yourself enough time, get your documentation ready, have it summarize, have it be ready? And that’s just the easier and more successful you’re going to be during that audit. Again, my name is Michael Stack and I’m CEO of Amaxx. And remember your work today in worker’s compensation can have a dramatic impact on your company’s bottom line, but it will have a dramatic impact on someone’s life. So be great.

FREE DOWNLOAD: “Workers’ Comp Claims Review Checklist: 9 Must-Have, Serious-Impact Elements”

Author Michael Stack, CEO Amaxx LLC. He is an expert in workers’ compensation cost containment systems and helps employers reduce their workers’ comp costs by 20% to 50%. He works as a consultant to large and mid-market clients, is a co-author of Your Ultimate Guide To Mastering Workers Comp Costs, a comprehensive step-by-step manual of cost containment strategies based on hands-on field experience, and is the founder & lead trainer of Amaxx Workers’ Comp Training Center, which offers the Certified Master of Workers’ Compensation national designation.

Contact: [email protected].

Workers’ Comp Roundup Blog: https://blog.reduceyourworkerscomp.com/

©2021 Amaxx LLC. All rights reserved under International Copyright Law.

Do not use this information without independent verification. All state laws vary. You should consult with your insurance broker, attorney, or qualified professional.

FREE DOWNLOAD: “Workers’ Comp Claims Review Checklist: 9 Must-Have, Serious-Impact Elements”

Filed Under: Insurance Issues, Rates, Premiums

Related Articles

Workers Compensation Insurance Premium Audits

Workers Compensation Insurance Premium Audits

2 Workers’ Comp Payroll Deductions Employers Often Miss

2 Workers’ Comp Payroll Deductions Employers Often Miss

Experience Modification Method To Calculate Workers Comp Premium

Experience Modification Method To Calculate Workers Comp Premium

Correctly Calculate the Average Weekly Wage

Correctly Calculate the Average Weekly Wage

Independent Contractors in Workers’ Compensation: When Are They Really An Employee?

Independent Contractors in Workers’ Compensation: When Are They Really An Employee?

Understanding the HIGH Cost of Selecting the LOW Price Work Comp Proposal

Understanding the HIGH Cost of Selecting the LOW Price Work Comp Proposal

Know Your Correct Job Classification Codes To Save Workers’ Comp Costs

Know Your Correct Job Classification Codes To Save Workers’ Comp Costs
Six Tips to Get the Most From Your Insurer

Six Tips to Get the Most From Your Insurer

Six Tips to Get the Most From Your Insurer

The 8 Sections of Your Workers Compensation Insurance Policy

The 8 Sections of Your Workers Compensation Insurance Policy
6 Common Mistakes Made In A Workers’ Comp Premium Audit

6 Common Mistakes Made In A Workers’ Comp Premium Audit

6 Common Mistakes Made In A Workers’ Comp Premium Audit

Waivers of Statutory Immunity Impact on Workers Compensation

Waivers of Statutory Immunity Impact on Workers Compensation

Dollars and Cents of Frequency And Severity Work Comp Premium Impact

Dollars and Cents of Frequency And Severity Work Comp Premium Impact

Free Download

Workers' Comp Claims Review Checklist: 9 Must-Have, Serious-Impact Elements - FREE Download Click Here Now!

Train to Succeed

BECOME CERTIFIED IN WORKERS’ COMPENSATION

Proven Course Catalog & WC Toolbox Give You The Power To Achieve Lower Costs and Better Injured Worker Outcomes

VISIT WORKERS' COMP TRAINING CENTER

Previous Post: « The COVID-19 Impact: Exploring the Long-Term Effects and Management of COVID-19 Cases
Next Post: The Three Strategies to Stay Safe During an Active Shooter Situation »

Primary Sidebar

FREE DOWNLOAD

Workers' Comp Claims Review Checklist: 9 Must-Have, Serious-Impact Elements - FREE Download Click Here Now!

Our Sponsors

ARCADIA - Enhancing Settlement Outcomes

The Structured Settlements Company
 

Catastrophic and Risk Solutions, Case Management Solutions, and Specialty Networks
 

MSAs, Section 111 Audits, & Conditional Payment Resolutions
 

Post-Settlement Administration
 

Medcor

Injury Triage, Onsite Clinics

Read Our Award-Winning Blog

Blog Categories

Search Our Archive

Subscribe to Our FREE Newsletter

Return-to-Work Essentials

Footer

Search Our Archive

Search our continually growing archive of over 2500 articles about Workers' Comp issues.

Quiclinks

  • Calculators
  • Terms & Abbreviations
  • Glossary of WC Premium Terms
  • WC Resources
  • Best Practices
  • Industries
  • Return-to-Work Essentials

RSS Recent Blog Posts

  • Effective Communication Skills in Work Comp
  • Paradigm Announces Acquisition of Welvie
  • 3 Quick Fixes to Stop Out of Control Workers’ Comp Costs
SUBSCRIBE TO OUR FEE NEWSLETTER
Let Us Help You Stomp Down the High Cost of Workers' Comp!
Top of Page ↑
  • Home
  • Training Center
  • Search
  • Membership
  • Products
  • Blog
  • About
  • Contact
  • Subscribe
  • Login
Copyright © 2023 Amaxx, LLC. All Rights Reserved. · Privacy Policy / Legal Notice