What a scary thought, an auditor visiting your office! Don't be afraid, be prepared! Check out How To Prepare For A Workers Comp Audit for FREE detailed information on how to prepare for a workers comp audit!
Getting ready for the work comp auditor can be stressful. But it's a process of necessity. The audit process is the time when all workers compensation accounts are brought to balance. You see, when you buy a workers comp insurance policy, the premium you pay is really just a deposit premium, based on the projected payroll of your business for the next 12 months. Then at the end of the policy period, 12 months, the insurance company will perform an audit on your books to determine just what your actual payroll was then recalculate your premium and adjust out if they owe you money back or bill you if you owe them more money. Simple!
Well it's really quite complicated. So be sure to check out the web page "How to Prepare for an Audit" that's shown above. You'll find some good tips in there that will help make your visit with the auditor a more pleasant experience!
Thanks!
Showing posts with label work comp. Show all posts
Showing posts with label work comp. Show all posts
Wednesday, June 17, 2009
Monday, June 1, 2009
Insurance Certificate Problems and Information
Check out the new information about insurance certificates at Workers Compensation Consultants website for a lot of free helpful information on this topic.
When is the last time someone asked your business for a certificate of insurance or an insurance certificate? Well if you're in some type of contracting business I'll bet it was just a matter of minutes ago! Yep, insurance certificates seem to make the world of contracting go round!
A few things about certificates:
1. They are basically worthless pieces of paper, have you ever been charged for a certificate? So they are really worth what you pay;
2. They are for informational purposes only;
3. They are the most confusing piece of paper in the insurance world;
4. Most people asking for them don't know why they are asking;
5. Most people giving them out don't know why they are giving them;
6. Everybody thinks they provide some type of coverage or at least assurance, in fact they don't;
So, if some other business asks you about certificates of insurance or needs proof of workers compensation insurance or needs an insurance certificate showing you carry workers comp, read up on what it's all about at Workers Compensation Consultants before you're so fast to send one out!
Thanks!
When is the last time someone asked your business for a certificate of insurance or an insurance certificate? Well if you're in some type of contracting business I'll bet it was just a matter of minutes ago! Yep, insurance certificates seem to make the world of contracting go round!
A few things about certificates:
1. They are basically worthless pieces of paper, have you ever been charged for a certificate? So they are really worth what you pay;
2. They are for informational purposes only;
3. They are the most confusing piece of paper in the insurance world;
4. Most people asking for them don't know why they are asking;
5. Most people giving them out don't know why they are giving them;
6. Everybody thinks they provide some type of coverage or at least assurance, in fact they don't;
So, if some other business asks you about certificates of insurance or needs proof of workers compensation insurance or needs an insurance certificate showing you carry workers comp, read up on what it's all about at Workers Compensation Consultants before you're so fast to send one out!
Thanks!
Thursday, March 19, 2009
Workers Compensation Payroll - When payroll means more than you think!
What constitutes workers compensation payroll? Well it certainly includes more than you think!
In the strange world of workers compensation the term "payroll" means a lot more than the normal person would think. In fact the word "payroll" is not really used by workers comp professionals, rather, the term "remuneration" is the more accurate word used.
Remuneration means to give, pay for service, to make up for or to compensate. This leaves the door open for interruption of the meaning and when it comes to the world of workers compensation, interpretation is never a good thing. So the work comp governing authorities have defined just what constitutes remuneration and there are a lot of "non-money" items included.
Would you believe:
payments or compensation to workers for use of their own tools is payroll?
that commissions, profit sharing plans and holiday pay would be included?
the rental value of housing provided for use by workers is included as payroll?
and the list goes on....
Did you know:
that uniform allowances are not considered payroll?
that certain employer supplied perks like use of company vehicles and incentive travel are not included?
like wise the list of excluded items goes on and on....
So, what's this all mean to an employer? Well, it means the workers comp pitfalls continue to exist around every corner. If as an employer, you thought your workers compensation payroll was just that, money you paid your workers, you may just be very surprised when the insurance company auditor reviews your books and adjusts your workers compensation premium.
For more information on workers comp payroll and remuneration be sure to visit this page provided free for your use by Workers Compensation Consultants.
Here's the link: Workers Compensation Payroll and Remuneration
In the strange world of workers compensation the term "payroll" means a lot more than the normal person would think. In fact the word "payroll" is not really used by workers comp professionals, rather, the term "remuneration" is the more accurate word used.
Remuneration means to give, pay for service, to make up for or to compensate. This leaves the door open for interruption of the meaning and when it comes to the world of workers compensation, interpretation is never a good thing. So the work comp governing authorities have defined just what constitutes remuneration and there are a lot of "non-money" items included.
Would you believe:
and the list goes on....
Did you know:
like wise the list of excluded items goes on and on....
So, what's this all mean to an employer? Well, it means the workers comp pitfalls continue to exist around every corner. If as an employer, you thought your workers compensation payroll was just that, money you paid your workers, you may just be very surprised when the insurance company auditor reviews your books and adjusts your workers compensation premium.
For more information on workers comp payroll and remuneration be sure to visit this page provided free for your use by Workers Compensation Consultants.
Here's the link: Workers Compensation Payroll and Remuneration
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