Filling out a workman’s compensation audit form might seem challenging when it doesn’t have to be. This form helps determine how much an employer owes in workers’ compensation insurance premiums. So what is a workman’s comp audit form, and what information do you need to include in this important document? Let’s take a look for you to understand the compensation process better.
Why Do You Need a Workman’s Comp Audit Form?
1) To Avoid Overpaying – This form helps ensure your business isn’t overpaying on its worker compensation insurance premiums. It helps reduce costs in the long run and could save you from penalties due to incorrect payments.
2) To Ensure Accuracy – A workman’s comp audit form helps ensure accuracy between what your company reports and what your state’s insurance fund has on record. Double-checking this information ensures everything matches up and avoids any problems related to inaccurate or outdated data.
3) To Protect Your Employees – Worker compensation insurance provides financial protection for employees if they get injured or become ill due to their job duties. An accurate workman’s comp audit form helps ensure that your workers are properly covered in case something happens while at work.
So, What Information Is Available on a Workman’s Comp Audit Form?
1) Employee Information – This section requires employers to provide basic information about their employees. That includes their names, addresses, Social Security numbers, job titles, and wages earned during the policy period. Additionally, employers must include the number of hours each employee worked during the policy period. You’ll also include any bonuses or other compensation you received.
2) Payroll Records – Employers must provide payroll records for each employee listed on the form. This information includes details about how much each employee was paid (e.g., their hourly wage, overtime pay, etc.). It also includes any deductions from their paycheck (e.g., taxes or insurance).
3) Injury Information – If any employees have been injured while working for your company during the policy period, you must provide details about these injuries on the form. It includes whether or not an employee filed a claim for workers’ compensation benefits. You’ll also note whether or not they have received any benefits related to their injury.
4) Safety Practices – Employers must also provide information about their safety practices on the form. It includes details on ensuring your workplace is safe and free of hazards that could cause injury to their employees.
5) Company History – You (the employer) must provide information about the company’s history on the form. It includes details such as when it was founded and how long you’ve been in business. It also requires you to list any past workers’ compensation claims filed by former employees and how they were resolved (if applicable).
Fill out Your Workman’s Comp Audit Form The Right Way
Completing an audit form for a workman’s compensation insurance can seem intimidating — especially if you’re new to it. But as long as you have all the required information handy, you should be able to complete it without too much difficulty. And remember, the more accurate your answers are, the better your chances are of getting approved for coverage.
