Everything you need to know about auditing your policy
To ensure that the premiums you pay for your workers’ compensation are accurate,
and to determine the actual premium for your policy, Builders will audit each policy
at the end of the policy period.
What is an audit?
Premium audits are required by the insurance carrier and are typically routine and quick. At the end of your annual policy period, a final premium audit is conducted to determine if you paid the appropriate amount for your workers’ compensation insurance based on your actual payroll, operations, and job classifications.
Why audit?
Because your premium is calculated using estimated figures, it’s important for Builders to look at your premium using your actual payroll and exposures. These audits sometimes result in a return of premium. In addition, audits help ensure that no business has an unfair advantage because of incorrect classification or payroll assignment.
When does an audit happen?
The Builders team will contact you by email or mail about two weeks after the policy period ends. The goal is to complete the audit within 65 days after the policy period has ended.
What can I expect?
The Builders team will reach out to you around two weeks after the policy period has ended by email and mail. The goal is to have the audit conducted within 65 days after the policy period has ended.
What will be reviewed?
The following policy information will be reviewed:
- Ownership
- Business operations
- Duties/wages of employees
- Financial records
- Payments to subcontractors
- Certificates of insurance
- Quarterly State and Federal payroll tax returns
Questions about the audit results?
Email: audits@bldrs.com or
Mail: Premium Audit Dispute Coordinator
P.O. Box 723099
Atlanta GA, 31139-009