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 whether you are eligible for a return of premium, 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.
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.
What to 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:
• Business operations
• Duties of employees
• Payments to subcontractors
What if I disagree with the audit results?
Complete the Audit Dispute Application form below
- Email firstname.lastname@example.org or
- Mail to the Premium Audit Dispute Coordinator, P.O. Box 723099, Atlanta GA, 31139-009